Key Deal Terms Summary

1. Agreement Overview

• Parties: Jiangsu Hengrui Pharmaceuticals Co., Ltd and GSK plc
• Date: July 27, 2025
• Type: Exclusive worldwide license and multi-program collaboration
• Scope: Up to 12 innovative medicines across Respiratory, Immunology & Inflammation (RI\&I), and Oncology

• Structure:

• One lead program (HRS-9821, a PDE3/4 inhibitor for COPD) granted via exclusive license

• Additional 11 programs to be developed by Hengrui and optioned by GSK after Phase I completion

2. Financial Terms

• Upfront Payment:

• USD 500 million across all agreements, including the exclusive license for HRS-9821

• Milestone Payments:

• Up to USD 12 billion in aggregate development, regulatory, and commercial milestones if all 12 programs are fully optioned and all milestones are met

• Royalties:

• Tiered royalties payable to Hengrui Pharma on global net sales

• Excludes mainland China, Hong Kong SAR, Macau SAR, and Taiwan region

• Research & Development:

• GSK will fund and lead global development and commercialization after optioning

• Hengrui responsible for preclinical through Phase I, including outside China

3. Lead Program: HRS-9821

• Indication: Chronic Obstructive Pulmonary Disease (COPD)
• Mechanism: Dual PDE3/4 inhibitor with bronchodilatory and anti-inflammatory effects
• Formulation: Targeting a dry-powder inhaler (DPI)
• Status: In clinical development
• Exclusivity: GSK receives worldwide license (excluding Greater China)
• Strategic Fit: Extends GSK’s inhaled portfolio to non-ICS/biologic-eligible COPD patients

4. Development & Commercialization Rights

• Additional 11 Programs:

• Hengrui to lead development through Phase I, including global trials

• GSK holds exclusive option to license at end of Phase I (or earlier at GSK’s election)

• Each program includes a custom financial structure, including substitution rights for GSK

• Territorial Rights:

• GSK will have worldwide rights, excluding mainland China, Hong Kong SAR, Macau SAR, and Taiwan

• License Conditions:

• The HRS-9821 license is subject to regulatory approvals, including Hart-Scott-Rodino clearance in the U.S.

5. Strategic Impact

• For Hengrui:

• Major step in globalization strategy, leveraging GSK’s global regulatory and commercialization capabilities

• Accelerates overseas path for multiple high-value innovative therapies

• Reinforces Hengrui’s R\&D and manufacturing scale

• For GSK:

• Adds potential best-in-class therapies to bolster its RI\&I and oncology pipeline

• Strengthens ability to rapidly scale and de-risk early innovation through external partnerships
• Ensures alignment with strategic focus on validated targets for long-term growth beyond 2031

Overall Summary

Hengrui Pharma and GSK have signed a landmark collaboration that could see 12 innovative drug programs advanced globally. The lead asset, HRS-9821, is a dual PDE3/4 inhibitor for COPD, licensed exclusively to GSK outside of Greater China. GSK will pay USD 500 million upfront, with a potential USD 12 billion in success-based milestones and tiered royalties on net sales. The remaining 11 assets will be developed through Phase I by Hengrui, with GSK holding exclusive option rights. This alliance reinforces Hengrui’s globalization and provides GSK with a scalable engine of innovation across key therapeutic

Key Deal Terms Summary

1. Agreement Overview

BioNTech and Bristol Myers Squibb (BMS) have entered a global co-development and co-commercialization agreement for BNT327, a bispecific antibody targeting PD-L1 and VEGF-A. The agreement covers joint development of BNT327 across numerous solid tumor indications, including monotherapy and combination therapies. Both companies retain the right to independently develop BNT327 in additional indications or combinations with their respective pipeline assets.* The collaboration includes a 50/50 split of global development and manufacturing costs and profit/loss sharing.

2. Financial Terms

• Upfront Payment: USD 1.5 billion (to be recorded in Q2)
• Non-contingent Anniversary Payments: USD 2 billion (payable through 2028)
• Milestone Payments: Up to USD 7.6 billion in development, regulatory, and commercial milestones
• Cost Sharing: Joint development and manufacturing costs shared 50:50
• Profit/Loss Sharing: Equal global split (50/50)

3. Development & Commercialization Plans

• BNT327 is in advanced clinical development, with 1,000+ patients treated and 20+ ongoing/planned trials across 10+ tumor types.

• Global Phase 3 trials are currently underway in:

• First-line extensive-stage small cell lung cancer (ES-SCLC)

• First-line non-small cell lung cancer (NSCLC)
• Planned global Phase 3 trial in triple-negative breast cancer (TNBC) expected to begin by end of 2025
• Future trials will also evaluate combinations with BioNTech’s antibody-drug conjugates (ADCs) and other modalities.

4. Strategic Impact

• Positions BNT327 as a potential next-generation immuno-oncology backbone by combining checkpoint inhibition (PD-L1) with anti-angiogenesis (VEGF-A).
• Enhances therapeutic precision by localizing anti-VEGF activity within the tumor microenvironment, potentially improving treatment response and minimizing systemic toxicity.
• Strengthens both companies' solid tumor portfolios and provides global scalability through combined resources and R\&D infrastructure.

Overall Summary

BioNTech and Bristol Myers Squibb have announced a landmark global 50/50 partnership to co-develop and co-commercialize BNT327, a bispecific antibody targeting PD-L1 and VEGF-A, across a broad spectrum of solid tumors. The agreement includes an upfront USD 1.5 billion, USD 2 billion in non-contingent payments, and up to USD 7.6 billion in milestones. With multiple Phase 3 trials underway or planned, BNT327 may establish a new immuno-oncology standard and serve as a backbone therapy in cancer care.

Pfizer Enters into Exclusive Licensing Agreement with 3SBio

NEW YORK--(BUSINESS WIRE)--Pfizer Inc. (NYSE: PFE) today announced it has entered into an exclusive global, ex-China, licensing agreement with 3SBio, Inc. (01530.HK), a leading Chinese biopharmaceutical company, for the development, manufacturing and commercialization of SSGJ-707, a bispecific antibody targeting PD-1 and VEGF, currently undergoing several clinical trials in China for non-small cell lung cancer, metastatic colorectal cancer, and gynecological tumors. SSGJ-707 has shown initial efficacy and safety data in a promising class of cancer medicines. 3SBio plans to initiate the first Phase 3 study in China in 2025.

Under the terms of the agreement, 3SBio and its subsidiaries Shenyang Sunshine Pharmaceutical Co., Ltd. and 3S Guojian Pharmaceutical (Shanghai) Co., Ltd. will grant Pfizer an exclusive global license to develop, manufacture and commercialize SSGJ-707 worldwide, excluding China. The agreement also provides Pfizer the option of commercialization rights in China. 3SBio will receive an upfront payment of $1.25 billion and is eligible to receive milestone payments associated with certain development, regulatory and commercial milestones up to $4.8 billion as well as tiered double-digit royalties on sales of SSGJ-707, if approved.

The transaction is expected to close in the third quarter subject to fulfillment of customary closing conditions, including receipt of required regulatory approvals and 3SBio shareholder approval. Upon close, Pfizer will make a $100 million equity investment in 3SBio subject to an agreed upon securities subscription agreement between the parties. Pfizer plans to manufacture drug substance for SSGJ-707 in Sanford, North Carolina, and drug product in McPherson, Kansas.

About Pfizer Oncology

At Pfizer Oncology, we are at the forefront of a new era in cancer care. Our industry-leading portfolio and extensive pipeline includes three core mechanisms of action to attack cancer from multiple angles, including small molecules, antibody-drug conjugates (ADCs), and bispecific antibodies, including other immune-oncology biologics. We are focused on delivering transformative therapies in some of the world’s most common cancers, including breast cancer, genitourinary cancer, hematology-oncology, and thoracic cancers, which includes lung cancer. Driven by science, we are committed to accelerating breakthroughs to help people with cancer live better and longer lives.

About Pfizer: Breakthroughs That Change Patients’ Lives

At Pfizer, we apply science and our global resources to bring therapies to people that extend and significantly improve their lives. We strive to set the standard for quality, safety and value in the discovery, development and manufacture of health care products, including innovative medicines and vaccines. Every day, Pfizer colleagues work across developed and emerging markets to advance wellness, prevention, treatments and cures that challenge the most feared diseases of our time. Consistent with our responsibility as one of the world's premier innovative biopharmaceutical companies, we collaborate with health care providers, governments and local communities to support and expand access to reliable, affordable health care around the world. For 175 years, we have worked to make a difference for all who rely on us. We routinely post information that may be important to investors on our website at www.Pfizer.com. In addition, to learn more, please visit us on www.Pfizer.com and follow us on X at @Pfizer and @Pfizer News, LinkedIn, YouTube and like us on Facebook at Facebook.com/Pfizer.

Key Deal Terms Summary

1. Agreement Overview

• Parties: XtalPi and DoveTree Medicines
• Type: Strategic collaboration and global licensing agreement
• Scope: Development of novel therapeutics using XtalPi’s AI- and robotics-driven drug discovery platform combined with DoveTree’s biological expertise.
• Therapeutic Areas: Oncology, immunology, inflammation, neurology, and metabolic diseases.
• Rights: DoveTree receives exclusive global rights to develop and commercialize the portfolio generated under the collaboration.

2. Financial Terms

• Total Deal Value: Up to USD 5.99 billion
• Upfront Payment: USD 51 million
• Additional Near-Term Payments: USD 49 million
• Milestones & Royalties: Development and commercial milestones, plus tiered royalties on sales, valued up to USD 5.89 billion

3. Development & Commercialization Plans

• Collaboration combines XtalPi’s quantum physics, AI-driven molecular design, and robotic labs with DoveTree’s expertise in novel targets and molecular glue approaches.
• Portfolio to include first-in-class candidates against historically challenging mechanisms.
• Plans to expand joint R\&D capabilities in emerging modalities such as molecular glues.
• XtalPi’s platform enables parallel drug development approaches across small molecules, biologics, ADCs, and molecular glues.

4. Strategic Impact

• Represents one of the largest-ever AI-driven pharmaceutical R\&D collaborations.
• Positions DoveTree to rapidly build a pipeline of first-in-class medicines.
• Validates XtalPi’s platform as a scalable innovation engine for accelerating drug discovery.
• Potential to deliver transformative therapies globally for diseases with high unmet need.

Overall Summary

XtalPi and DoveTree Medicines have entered into a landmark collaboration valued at up to USD 5.99 billion, one of the largest AI-driven drug discovery deals to date. DoveTree gains exclusive global rights to develop and commercialize therapeutics emerging from the partnership, spanning multiple therapeutic areas. With USD 51 million upfront, USD 49 million near-term payments, and up to USD 5.89 billion in milestones and royalties, the agreement merges DoveTree’s biological expertise with XtalPi’s AI- and robotics-powered platform to accelerate development of first-in-class therapies for major unmet medical needs.

Key Deal Terms Summary

1. Agreement Overview

• Parties: Monte Rosa Therapeutics and Novartis.
• Type: Collaboration and licensing agreement.

• Scope:

• Novartis receives an exclusive license to one undisclosed discovery target.

• Novartis also receives options to license two additional programs from Monte Rosa’s preclinical immunology portfolio.
• Focus: Development of novel molecular glue degraders (MGDs) for immune-mediated diseases.
• Builds upon prior global license agreement for VAV1 degraders including MRT-6160 (October 2024).

2. Financial Terms

• Upfront Payment: USD 120 million.
• Option Maintenance Payments: Ongoing, undisclosed amounts.
• Milestones: Eligible for development, regulatory, and sales milestones across programs.
• Total Potential Deal Value: Up to USD 5.7 billion.
• Royalties: Tiered royalties on global net sales in the high single to low double-digit range.
• Financial Advisor: Lazard acted as exclusive advisor to Monte Rosa.

3. Development & Commercialization Plans

• Monte Rosa will use its AI/ML-enabled QuEEN™ discovery engine for degrader identification.
• Novartis will handle further development and commercialization of licensed programs.
• Collaboration aims to accelerate development of degraders targeting difficult-to-drug immune-mediated disease pathways.
• Monte Rosa’s disclosed pipeline (e.g., MRT-8102, MRT-6160, MRT-2359) is not included in this agreement.

4. Strategic Impact

• Extends the existing Novartis–Monte Rosa partnership, demonstrating Novartis’s confidence in MGDs.
• Strengthens Monte Rosa’s financial position and cash runway, supporting advancement of wholly owned programs.
• Positions both companies to deliver transformative therapies for autoimmune and inflammatory diseases with high unmet need.

Overall Summary

Monte Rosa Therapeutics and Novartis have entered a major collaboration and licensing agreement focused on immune-mediated diseases. Novartis gains rights to one undisclosed target and options for two additional preclinical programs. Monte Rosa will receive USD 120 million upfront, option maintenance payments, and is eligible for up to USD 5.7 billion in total deal value, including milestones and tiered royalties. The collaboration leverages Monte Rosa’s QuEEN™ degrader platform and Novartis’s global development and commercialization expertise, while also extending Monte Rosa’s financial runway to advance its broader immunology and oncology pipeline.

Key Deal Terms Summary

1. Agreement Overview

• Parties: Argo Biopharma and Novartis
• Scope: Multi-asset license and option agreements covering Argo’s siRNA pipeline for cardiovascular diseases.

• Assets included:

• ANGPTL3 program (BW-00112) – currently in Phase 2; Novartis gains right of first negotiation after Argo completes a combination trial.

• Two discovery-stage next-generation molecules for severe hypertriglyceridemia (sHTG) and mixed dyslipidemia; Novartis receives ex-China license option.
• Additional hepatic-delivered siRNA candidate in IND-enabling studies, with reciprocal Profit & Loss (P\&L) sharing options in U.S. and China.

2. Financial Terms

• Upfront payment: USD 160 million to Argo.
• Potential milestone and option payments: up to USD 5.2 billion.
• Royalties: Argo eligible for tiered royalties on commercial sales.
• Equity: Novartis has expressed a non-binding intention to participate in Argo’s next financing round (terms not finalized).

3. Development & Commercialization Plans

• ANGPTL3 (BW-00112): in Phase 2 (U.S. and China); will enter a combination trial in dyslipidemia before Novartis’ right of first negotiation.
• Next-generation siRNA molecules: option to license ex-China rights for dyslipidemia indications.
• Hepatic siRNA candidate: multi-territorial Phase 1 planned for 2026; P\&L sharing structure in place for U.S. and China.
• Global reach: Argo leverages resources across Asia, the U.S., and Europe to accelerate clinical and commercial expansion.

4. Strategic Impact

• Builds on the January 2024 Argo–Novartis partnership (USD 185 million upfront, >USD 4 billion milestones).
• Reinforces Novartis’ position in cardiovascular, renal, and metabolic diseases.
• Advances long-acting siRNA therapeutics with potential to transform treatment and adherence in cardiovascular disease, a leading global cause of mortality.
• Provides Argo with significant non-dilutive funding, potential near-term equity support, and long-term value creation.

Overall Summary

Argo Biopharma and Novartis have expanded their collaboration with a multi-asset licensing and option agreement valued at up to USD 5.36 billion (including USD 160 million upfront). The deal covers Argo’s Phase 2 ANGPTL3 program, next-generation dyslipidemia assets, and an IND-stage hepatic siRNA candidate with reciprocal P\&L sharing rights. The agreement strengthens Novartis’ cardiovascular pipeline while providing Argo with funding, optional equity support, and global development synergies.

Key Deal Terms Summary

1. Agreement Overview

• AstraZeneca has entered a strategic research collaboration with CSPC Pharmaceuticals Group Limited, based in Shijiazhuang City, China.
• The collaboration focuses on AI-enabled discovery and development of pre-clinical oral small molecule candidates across chronic indications, including immunological diseases.
• Research activities will be conducted by CSPC using its AI-driven dual-engine drug discovery platform, designed to analyze binding patterns, optimize compounds, and select candidates with strong developability profiles.
• AstraZeneca has rights to exercise options for exclusive worldwide licenses to develop and commercialize candidates identified under the agreement.

2. Financial Terms

• Upfront Payment to CSPC: USD 110 million
• Development Milestone Payments: Up to USD 1.62 billion
• Sales Milestone Payments: Up to USD 3.6 billion
• Royalties: Potential single-digit percentage royalties on annual net sales

3. Development & Commercialization Plans

• Targets include pre-clinical small molecule oral therapies for immunological and other chronic diseases.
• CSPC will conduct research activities using its proprietary AI platform; AstraZeneca will have the option to license and globally commercialize any successful candidates.
• The program expands AstraZeneca’s efforts in early-stage AI-based drug discovery and strengthens its R\&D investment footprint in China.

4. Strategic Impact

• Enhances AstraZeneca’s pipeline of novel oral therapies for chronic indications affecting over 2 billion people globally.
• Leverages CSPC’s AI capabilities to improve the speed and precision of candidate selection.
• Builds on AstraZeneca’s USD 2.5 billion investment in Beijing and deepens its partnership network in China.
• Aligns with AstraZeneca’s strategy to use external innovation and partnerships to fuel next-generation medicine development.

Overall Summary

AstraZeneca has signed a high-value research collaboration with CSPC Pharmaceuticals to co-develop AI-discovered oral therapies for chronic diseases, including immunological conditions. CSPC will receive USD 110 million upfront, with a potential total value exceeding USD 5.3 billion through development and sales milestones, plus royalties. The deal reinforces AstraZeneca’s R\&D presence in China and supports its global strategy to accelerate innovation through advanced AI technologies and strategic partnerships.

Key Deal Terms Summary

1. Agreement Overview

• Parties: Roche (SIX: RO, ROG; OTCQX: RHHBY) and Zealand Pharma (Nasdaq Copenhagen: ZEAL)
• Transaction Type: Exclusive Collaboration & Licensing Agreement
• Scope:
• Co-development and co-commercialization of petrelintide, Zealand Pharma’s long-acting amylin analog, as a standalone therapy and in fixed-dose combination with Roche’s dual GLP-1/GIP receptor agonist CT-388.
• Zealand and Roche will co-commercialize petrelintide in the U.S. and Europe, while Roche gains exclusive commercialization rights for the rest of the world.
• Roche will oversee commercial manufacturing and supply.

2. Financial Terms

• Upfront Payment: USD 1.65 billion
• USD 1.4 billion due at closing
• USD 250 million over the first two anniversaries of the collaboration
• Milestone Payments:
• Up to USD 1.2 billion in development milestones, primarily linked to Phase 3 trial initiation for petrelintide monotherapy
• Up to USD 2.4 billion in sales-based milestones
• Total potential consideration to Zealand Pharma: USD 5.3 billion
• Profit & Royalties:
• 50/50 profit and loss sharing in the U.S. and Europe
• Tiered double-digit royalties up to high teens % on net sales in the rest of the world
• Combination Product Payment:
• Zealand Pharma to pay Roche USD 350 million (offsettable against milestone payments) for the petrelintide/CT-388 fixed-dose combination product or next-generation petrelintide combinations

3. Development & Commercialization Plans

• Petrelintide:
• Phase 2 clinical-stage long-acting amylin analog for weekly subcutaneous administration
• Designed for improved tolerability compared to existing obesity treatments
• Potential as a best-in-class foundational therapy for weight management
• Combination Therapy (Petrelintide + CT-388):
• CT-388 is Roche’s lead dual GLP-1/GIP receptor agonist
• Designed to enhance weight loss efficacy and improve tolerability
• Fixed-dose combination aims to become a next-generation treatment for obesity
• Regulatory & Closing Timeline:
• Subject to regulatory approvals and customary closing conditions
• Expected closing in Q2 2025

4. Strategic Impact

• For Roche:
• Strengthens its cardiovascular, renal, and metabolic (CVRM) disease portfolio
• Enhances its position in obesity treatment and metabolic disease management
• Leverages Diagnostics expertise to complement therapeutic advancements
• For Zealand Pharma:
• Provides significant upfront capital to fund its broader R&D initiatives
• Positions petrelintide as a leading treatment option in obesity and weight management
• Expands commercial reach with Roche’s global footprint
• For the Industry:
• Advances a potential best-in-class amylin-based weight loss therapy
• Addresses a large unmet need in obesity and metabolic disease treatments
• Targets a growing patient population, expected to exceed 4 billion people by 2035

Overall Summary

Roche and Zealand Pharma have entered into a strategic collaboration worth up to USD 5.3 billion to co-develop and co-commercialize petrelintide for obesity treatment, both as a standalone therapy and in combination with Roche’s GLP-1/GIP receptor agonist CT-388. The transaction includes an upfront payment of USD 1.65 billion, milestone-based payments of up to USD 3.6 billion, and profit-sharing in key markets. Roche will lead global manufacturing and commercialization outside the U.S. and Europe, with Zealand Pharma contributing to commercialization in North America and Europe. This agreement strengthens Roche’s CVRM portfolio and positions Zealand Pharma as a key player in next-generation obesity treatments.

Parties Involved

• Valo Health, Inc. – AI-driven drug discovery and development company utilizing its Opal Computational Platform™ for human-centric, AI-powered small molecule drug design.
• Novo Nordisk A/S – A global healthcare leader specializing in cardiometabolic diseases, including obesity, type 2 diabetes, and cardiovascular disease.

Collaboration Scope

• Focus: Expansion of the original 2023 partnership to now cover the discovery and development of up to 20 novel drug programs for obesity, type 2 diabetes, and cardiovascular disease.
• Technology Utilized:
• Valo’s Opal Computational Platform™, which applies AI and human data analytics for target discovery and drug development.
• Integration of real-world patient datasets, genetics, and preclinical models to identify and validate novel cardiometabolic drug targets.
• Key Research Areas:
• Identification of novel therapeutic targets using AI-powered data analysis.
• Development of small molecule drug candidates with human-centric AI-driven design.
• Acceleration of preclinical and clinical development of selected candidates.

Rights & Responsibilities

• Valo Health:
• Leverages AI-driven drug discovery to identify and validate novel cardiometabolic targets.
• Conducts preclinical development for small molecule drug candidates.
• Receives funding, milestone payments, and royalties based on successful program progression.
• Novo Nordisk:
• Leads clinical development, regulatory approval, and commercialization of successful drug candidates.
• Provides funding for R&D and further research into human genetics and disease biology.
• Accelerates clinical trial initiation and regulatory submissions for promising programs.

Financial Terms

• Upfront & Near-Term Payments: Up to $190 million, including an equity investment and milestone payment.
• Total Potential Milestones: Up to $4.6 billion across 20 drug programs (increased from $2.7 billion under the original 2023 agreement).
• Additional R&D Funding & Royalties: Valo is eligible for R&D funding and royalties on net sales of successful therapeutics.

Regulatory Approval

• Novo Nordisk will manage regulatory submissions and approvals for drug candidates progressing to clinical trials.

Overall Summary

Valo Health and Novo Nordisk have expanded their AI-driven drug discovery collaboration to develop up to 20 novel therapies for obesity, type 2 diabetes, and cardiovascular disease. Novo Nordisk will provide up to $4.6 billion in milestone payments, $190 million upfront and near-term payments, as well as R&D funding and royalties. Valo will apply its Opal Computational Platform™ to identify new therapeutic targets and develop AI-driven small molecule drugs, while Novo Nordisk will lead clinical development and commercialization. This expansion significantly strengthens Novo Nordisk’s cardiometabolic drug pipeline and deepens its commitment to AI-powered precision medicine.

Key Deal Terms Summary

Agreement Overview

• Parties: Harbour BioMed and AstraZeneca
• Type: Global strategic collaboration for discovery and development of next-generation multi-specific antibodies
• Scope:
• Applies across immunology, oncology, and other therapeutic areas
• Includes option rights for two current preclinical immunology programs
• AstraZeneca may nominate additional targets over time
• Collaboration valid for five years, with a mutual option to extend for another five years

Financial Terms

• Upfront + Near-term Milestone Payments: $175 million
• Equity Investment:
• AstraZeneca will purchase 9.15% of newly issued Harbour BioMed shares
• Investment valued at $105 million
• Potential Development & Commercial Milestones: Up to $4.4 billion
• Royalties: Tiered royalties on future net sales (percentages not disclosed)

Development & Collaboration Scope

• Initial Focus: Two preclinical immunology programs + ongoing research initiatives
• Future Scope:
• AstraZeneca can license additional programs
• Collaboration may include additional programs over five years, with flexibility to expand upon mutual agreement
• Joint establishment of an Innovation Center in Beijing, co-located with AstraZeneca, to support joint initiatives

Strategic Impact

• For Harbour BioMed:
• Validates the strength of its Harbour Mice® and HBICE® antibody platforms
• Accelerates development through access to AstraZeneca’s global clinical and regulatory infrastructure

• Strengthens financial position via upfront payments and strategic equity investment

• For AstraZeneca:

• Expands pipeline with multi-specific antibody candidates
• Gains access to cutting-edge antibody engineering platforms
• Further consolidates position in next-generation biologics and immunotherapies

Overall Summary

Harbour BioMed and AstraZeneca have entered a broad, multi-program global collaboration combining Harbour's proprietary multi-specific antibody discovery capabilities with AstraZeneca's clinical and commercial scale. With $280 million in upfront and equity payments and potential future milestones up to $4.4 billion, this partnership supports the co-discovery and potential licensing of multiple therapeutic antibody candidates. A co-located Innovation Center in Beijing will further advance joint development, marking a major step in Harbour BioMed's global expansion and AstraZeneca's deepening commitment to biologics innovation.

Key Deal Terms Summary

1. Agreement Overview

• Vor Bio has entered into an exclusive global license agreement with RemeGen for rights to telitacicept outside of China, Hong Kong, Macau, and Taiwan.
• Telitacicept is a recombinant fusion protein currently in global Phase 3 development for generalized myasthenia gravis (gMG) and approved in China for gMG, SLE, and RA.

2. Financial Terms

• Initial payment of USD 125 million:

• USD 45 million upfront cash

• USD 80 million in warrants to purchase Vor Bio common stock (exercise price: USD 0.0001 per share)

• Milestones:

• Over USD 4 billion in potential regulatory and commercial milestone payments

• Royalties:

• RemeGen is entitled to tiered royalties on net sales (specific rates not disclosed)

3. Development & Commercialization Plans

• Vor Bio will lead development and commercialization of telitacicept globally outside Greater China.
• RemeGen is currently conducting a global Phase 3 trial in gMG, enrolling in the U.S., Europe, and South America, with data expected in 1H 2027.
• Vor Bio plans to expand telitacicept’s use in autoantibody-driven diseases worldwide.

4. Strategic Impact

• Represents a transformational pivot for Vor Bio toward autoimmune indications.
• Positions Vor Bio to become a global leader in autoimmune disease treatment.
• RemeGen monetizes telitacicept’s global value while retaining commercial rights in Greater China.
• Appointment of Dr. Jean-Paul Kress as CEO of Vor Bio brings seasoned leadership for late-stage development and commercialization.

Overall Summary

Vor Bio has secured global rights (ex-Greater China) to develop and commercialize telitacicept, a late-stage dual-target fusion protein, from RemeGen. The deal includes USD 125 million in initial consideration (USD 45 million cash + USD 80 million in warrants), milestones exceeding USD 4 billion, and tiered royalties. With Phase 3 trials ongoing and new leadership at the helm, Vor Bio is strategically repositioned to address high-value autoimmune markets with a differentiated biologic platform.

Key Deal Terms Summary

1. Agreement Overview

• Parties: Syneron Bio and AstraZeneca
• Type: Strategic collaboration and equity investment
• Focus: Discovery and development of macrocyclic peptide therapeutics for chronic diseases, including rare, autoimmune, and metabolic disorders
• Platform: AstraZeneca will gain access to Syneron Bio’s Synova™ platform, a high-throughput, intelligent R&D system for oral macrocyclic peptide drugs

2. Financial Terms

• Upfront and Near-Term Milestone Payments: $75 million
• Development and Commercial Milestone Payments: Up to $3.4 billion
• Royalties: Tiered royalties based on global sales (rates not disclosed)
• Equity Investment: AstraZeneca to take an undisclosed equity stake in Syneron Bio

3. Development & Commercialization Scope

• Therapeutic Areas: Chronic disease focus, including:
• Rare diseases
• Autoimmune disorders
• Metabolic conditions
• Syneron’s Role: Provide R&D support via Synova™ platform
• AstraZeneca’s Role: Lead development, commercialization, and global sales

4. Strategic Impact

• For Syneron Bio:
• Validates its Synova™ platform and macrocyclic peptide drug discovery model
• Gains significant non-dilutive capital and future revenue streams via milestone payments and royalties

• Plans to expand R&D facilities in Beijing and deepen pipeline development

• For AstraZeneca:

• Access to emerging oral peptide technology with potential to target hard-to-drug chronic disease pathways
• Strengthens its position in autoimmune and metabolic disease therapeutics through innovative modalities
• Broadens its discovery engine via external innovation partnerships

Overall Summary

AstraZeneca and Syneron Bio have entered a high-value strategic collaboration combining Syneron's Synova™ macrocyclic peptide discovery platform with AstraZeneca’s global development and commercialization capabilities. The deal includes $75 million in upfront and near-term milestones, up to $3.4 billion in success-based payments, tiered royalties, and a strategic equity investment by AstraZeneca. The partnership will support novel chronic disease programs and enable Syneron Bio to expand R&D infrastructure, advancing its global presence in macrocyclic drug innovation.

Key Deal Terms Summary

1. Agreement Overview

• Type of Agreement: Manufacturing and Supply Agreement
• Parties: FUJIFILM Diosynth Biotechnologies and Regeneron Pharmaceuticals, Inc.
• Purpose: To provide U.S.-based manufacturing for Regeneron’s biologic medicines over a 10-year period through FUJIFILM Diosynth’s Holly Springs, North Carolina facility.

2. Financial Terms

• Total Value: Over $3 billion
• Duration: 10 years

3. Development & Commercialization Plans

• Manufacturing Scope:
• Production of biologic medicines at the Holly Springs facility beginning operations in 2025.
• Utilization of FUJIFILM Diosynth’s kojoX™ interconnected manufacturing network for standardized processes and supply chain security.
• Capacity Expansion:
• Holly Springs site is part of broader $7 billion expansion projects across the U.S. and Europe.
• Planned to create 1,400 new jobs in North Carolina by 2031, with 500 positions already added.

4. Strategic Impact

• Enhances Regeneron’s supply chain security and production capacity for its innovative biologic therapies.
• Strengthens FUJIFILM Diosynth’s presence in the U.S. market as a leading biologics CDMO.
• Supports accelerated and scalable supply of critical biologics to meet global patient demand.

Overall Summary

This manufacturing and supply agreement between FUJIFILM Diosynth Biotechnologies and Regeneron Pharmaceuticals is a 10-year, manufacturing-focused deal valued at over $3 billion. It secures U.S.-based manufacturing capacity for Regeneron’s biologic medicines at FUJIFILM Diosynth’s Holly Springs facility, beginning in 2025.

Parties Involved

• Sciwind Biosciences – A pre-commercial biopharmaceutical company focused on developing innovative therapies for metabolic diseases.
• Verdiva Bio Limited – A clinical-stage biopharmaceutical company specializing in treatments for obesity and cardiometabolic disorders.

Collaboration Scope

• Portfolio of licensed assets includes:
• Oral Ecnoglutide (XW004): A phase 2-ready, once-weekly oral GLP-1 receptor agonist with best-in-class potential.
• Oral Amylin Receptor Agonist (Amylin RA): A long-acting, once-weekly oral amylin receptor agonist in IND-enabling studies.

• Subcutaneous Injectable Amylin Receptor Agonist (Amylin RA): A potential best-in-class injectable amylin receptor agonist in IND-enabling studies.

• Rights & Responsibilities:

• Verdiva Bio receives exclusive global rights to develop, manufacture, and commercialize the partnered programs outside of Greater China and South Korea.
• Sciwind Biosciences retains the rights to develop, manufacture, and commercialize the products within Greater China and South Korea.
• The companies will also collaborate on additional preclinical stage programs, with Sciwind eligible for additional milestones and royalties.

Licensing Agreement & Financial Terms

• Upfront Payment: Sciwind receives approximately $70 million.
• Milestone Payments: Sciwind is eligible to receive over $2.4 billion in development, regulatory, and commercialization milestones.
• Royalties: Sciwind will receive tiered royalties on future product sales outside Greater China and South Korea.

Overall Summary

Sciwind Biosciences and Verdiva Bio have entered into a global licensing and collaboration agreement for the development and commercialization of a portfolio of metabolic disease therapies, including oral and injectable GLP-1 and Amylin receptor agonists. Verdiva Bio gains exclusive global rights outside of Greater China and South Korea, while Sciwind retains rights in these regions. Sciwind receives a $70 million upfront payment, with potential milestone payments exceeding $2.4 billion, plus tiered royalties on global sales. The partnership is designed to accelerate the global commercialization of these innovative metabolic therapies.

Key Deal Terms Summary

1. Agreement Overview

• Parties: AbbVie (NYSE: ABBV) and Gubra A/S (CPSE: GUBRA)
• Transaction Type: License Agreement
• Asset: GUB014295, a long-acting amylin analog for the treatment of obesity
• Development Stage: Phase 1 clinical trial (Single Ascending Dose completed; Multiple Ascending Dose ongoing)
• Global Rights: AbbVie gains exclusive worldwide rights to develop and commercialize GUB014295

2. Financial Terms

• Upfront Payment: $350 million
• Milestone Payments: Up to $1.875 billion in development, commercial, and sales milestones
• Royalties: Tiered royalties on global net sales

3. Development & Commercialization Plans

• AbbVie will lead global development and commercialization of GUB014295
• Gubra will continue supporting development efforts leveraging its expertise in peptide-based drug discovery
• Regulatory approvals and other customary closing conditions must be met before the transaction is finalized

4. Strategic Impact

• AbbVie’s Entry into the Obesity Market:
• Marks AbbVie’s first move into obesity therapeutics
• Positions AbbVie to compete in the rapidly growing global obesity market
• Potential Best-in-Class Amylin Analog:
• Amylin is a satiety hormone targeting appetite suppression and gastric emptying delay
• Could complement existing obesity treatments and enhance weight loss efficacy
• Accelerated Development with Strong Partners:
• AbbVie brings expertise in large-scale clinical development and commercialization
• Gubra’s established preclinical peptide discovery capabilities support innovation
• Global Market Opportunity:
• Nearly 900 million adults worldwide have obesity, highlighting significant unmet need

Overall Summary

AbbVie and Gubra have entered into a license agreement for GUB014295, an amylin analog in Phase 1 clinical trials for obesity. The deal grants AbbVie exclusive worldwide rights to develop and commercialize the drug. Gubra will receive $350M upfront, up to $1.875B in milestone payments, and tiered royalties on global net sales. AbbVie’s entry into the obesity market strengthens its metabolic disease pipeline, while Gubra benefits from AbbVie’s commercialization expertise. The amylin analog's mechanism could enhance appetite suppression and weight loss outcomes, positioning it as a potential best-in-class therapy in the growing global obesity market.

Key Deal Terms Summary

1. Agreement Overview

• Parties: Novo Nordisk A/S and Septerna, Inc.
• Type: Exclusive global collaboration and license agreement
• Focus: Discovery, development, and commercialization of oral small molecule therapies targeting G protein-coupled receptors (GPCRs) for obesity, type 2 diabetes, and other cardiometabolic diseases.
• Scope: Four initial development programs targeting GLP-1, GIP, and glucagon receptors.

2. Financial Terms

• Total Deal Value: Up to USD 2.2 billion

• Upfront and near-term milestone payments: >USD 200 million

• Research, development, and commercial milestone payments: Up to USD 2 billion
• Royalties: Septerna is eligible for tiered royalties on global net sales of any resulting commercial products.
• Profit Share Option: Septerna may opt for a worldwide profit share on one program instead of receiving future milestones and royalties.
• R\&D Funding: Novo Nordisk will fully fund all research and development activities for the partnered programs.

3. Development & Commercial Responsibilities

• Joint Research Phase: Both companies will collaborate from discovery to development candidate selection.
• IND-Enabling Phase Onward: Novo Nordisk assumes sole responsibility for global development and commercialization.

4. Strategic Impact

• For Novo Nordisk:

• Strengthens pipeline of oral therapies in metabolic disease.

• Adds modalities beyond peptides, enhancing dosing flexibility and scalability.

• Expands focus on GPCR targets—a historically successful drug class with significant untapped potential.

• For Septerna:

• Gains significant non-dilutive funding and access to global development capabilities.

• Leverages Novo Nordisk's commercial and scientific infrastructure.
• Retains operational independence and resources to pursue other internal GPCR programs.

5. Platform and Technology Overview

• Septerna's Native Complex Platform™:

• Replicates the native structure and dynamics of GPCRs outside of cells using reconstituted complexes.

• Enables screening of billions of compounds to discover agonists, antagonists, and allosteric modulators.
• Designed to unlock undrugged GPCR targets—currently \~75% of the GPCRome.

6. Closing Conditions

• Subject to customary regulatory approvals, including the Hart-Scott-Rodino Antitrust Improvements Act.
• Expected Closing: Q2 2025

Overall Summary

Septerna and Novo Nordisk have entered a high-value collaboration to co-develop oral small molecule therapies targeting GPCRs involved in obesity and type 2 diabetes. The deal is worth up to USD 2.2 billion, including more than USD 200 million upfront and near-term, plus tiered royalties or profit-sharing. Septerna’s Native Complex Platform™ will be used to identify and optimize oral molecules targeting GLP-1, GIP, and glucagon receptors. Novo Nordisk will assume full responsibility for development and commercialization following candidate selection. This partnership enhances Novo Nordisk’s cardiometabolic pipeline while providing Septerna with resources and operational flexibility to advance its broader GPCR-focused portfolio.

Key Deal Terms Summary

1. Agreement Overview

• Arrowhead Pharmaceuticals entered a global license and collaboration agreement with Novartis.
• Novartis receives an exclusive worldwide license to ARO-SNCA (preclinical siRNA targeting alpha-synuclein) for Parkinson’s disease and other synucleinopathies, plus additional collaboration targets to be developed on Arrowhead’s TRiM™ RNAi platform.

• Division of responsibilities:

• Arrowhead completes preclinical work to CTA filing for each licensed program.

• Novartis assumes development, manufacturing, medical affairs, and commercialization thereafter.
• ARO-SNCA is designed for subcutaneous administration with CNS delivery using TRiM™.
• Closing expected H2 2025, subject to HSR and customary conditions.

2. Financial Terms

• Upfront Payment: USD 200 million to Arrowhead at closing.
• Milestones: Up to USD 2.0 billion in development, regulatory, and sales milestones.
• Royalties: Tiered royalties up to low double digits on commercial sales.

3. Development & Commercialization Plans

• Arrowhead: Run and complete preclinical studies enabling CTA for ARO-SNCA and the additional Novartis-selected targets (outside Arrowhead’s current pipeline).
• Novartis: Lead global clinical development, manufacturing, regulatory, medical affairs, and commercialization for all licensed programs.
• Goal: Move ARO-SNCA into clinical trials as soon as possible and expand collaboration to other CNS gene targets utilizing TRiM™.

4. Strategic Impact

• Arrowhead: Significant non-dilutive capital and a blue-chip partner to validate CNS delivery of RNAi; expands TRiM™ into neurodegeneration.
• Novartis: Adds a potential first-in-class RNAi program in Parkinson’s and access to TRiM™ for broader CNS portfolio building.
• Potential to advance disease-modifying therapies in synucleinopathies via widespread brain delivery after subcutaneous dosing, addressing a major historical barrier for RNA medicines in the CNS.

Overall Summary

Arrowhead and Novartis signed a global license & collaboration giving Novartis exclusive worldwide rights to ARO-SNCA and additional TRiM™-enabled targets. Arrowhead will deliver programs to CTA-ready status; Novartis will take them through clinical development and commercialization. Financials include \$200M upfront, up to \$2B in milestones, and tiered royalties (up to low double digits). The partnership marries Arrowhead’s CNS-targeted RNAi delivery with Novartis’ neuroscience development scale, aiming to accelerate disease-modifying RNAi therapies for Parkinson’s and related synucleinopathies.

Key Deal Terms Summary

1. Agreement Overview

• Companies Involved: AbbVie and Xilio Therapeutics
• Deal Type: Collaboration and option-to-license agreement
• Objective: Develop novel tumor-activated antibody-based immunotherapies, including masked T-cell engagers
• Technology Focus: Xilio’s tumor-activated biologics platform to enhance targeted immune-oncology therapies

2. Financial Terms

• Upfront Payment: $52 million, including a $10 million equity investment
• Potential Milestone Payments: Up to $2.1 billion based on option-related fees and clinical, regulatory, and commercial milestones
• Royalties: Xilio is eligible for tiered royalties on commercial sales

3. Development & Commercialization Plans

• Key Technology:
• Xilio’s tumor-activated biologics platform enables masking and selective activation of T-cell engagers within the tumor microenvironment, minimizing systemic side effects
• Focus on high-value immunotherapies, including multispecific molecules and immune cell engagers
• AbbVie’s Role:
• Leverage oncology expertise to guide clinical development
• Utilize global commercialization and regulatory expertise
• Xilio’s Role:
• Lead early-stage research and development
• Apply tumor-selective activation technology to enhance efficacy and safety

4. Strategic Impact

• Advances next-generation immunotherapies, expanding AbbVie’s oncology pipeline
• Strengthens Xilio’s position in immuno-oncology, leveraging AbbVie’s clinical and commercial infrastructure
• Potentially enhances the safety and efficacy of T-cell engagers, an emerging class of tumor-targeted biologics
• Positions AbbVie as a leader in engineered immunotherapies, reinforcing its commitment to oncology innovation

Overall Summary

AbbVie and Xilio Therapeutics have entered into a collaboration and option-to-license agreement to develop novel tumor-activated immunotherapies, including masked T-cell engagers. Under the agreement, Xilio will receive $52 million upfront, with potential milestone payments of up to $2.1 billion, plus tiered royalties. The partnership leverages Xilio’s proprietary tumor-activation platform to improve immune-oncology therapies, while AbbVie brings its oncology expertise and commercialization capabilities. This collaboration strengthens both companies' positions in immuno-oncology and could lead to more effective, safer cancer treatments.

Key Deal Terms Summary

ABL Bio Licenses Grabody-B Brain Delivery Platform to GSK for Neurodegenerative Disease Drug Development

1. Agreement Overview

• Parties: ABL Bio (South Korea) and GSK (UK)
• Deal Type: Global exclusive license agreement
• Scope: Multi-program collaboration to develop novel therapies for neurodegenerative diseases
• Platform: ABL Bio’s Grabody-B blood-brain barrier (BBB) shuttle technology
• Targets: IGF1R-mediated transport for delivery of various modalities (antibodies, siRNA, ASOs, polynucleotides)

2. Financial Terms

• Upfront & Near-Term Payments:
• Total: £77.1 million
• Immediate upfront: £38.5 million
• Milestone Payments:
• Total potential: up to £2.075 billion
• Includes research, development, regulatory, and commercialization milestones across multiple programs
• Royalties:
• Tiered royalties on net sales from any successfully commercialized products

3. Development & Commercial Responsibilities

• ABL Bio:
• Transfers Grabody-B technology and know-how to GSK
• GSK:
• Responsible for preclinical & clinical development, manufacturing, and global commercialization

4. Strategic Impact

• For ABL Bio:
• Strengthens its global leadership in BBB-penetrating technologies
• Broadens the application of Grabody-B to multiple modalities
• For GSK:
• Enhances its ability to deliver antibody and RNA-based therapies to the brain
• Adds a transformational delivery platform to its neurodegenerative disease pipeline

Overall Summary

ABL Bio has entered into a global license agreement with GSK, granting exclusive rights to develop and commercialize novel therapeutics for neurodegenerative diseases using ABL Bio’s proprietary Grabody-B platform. The deal includes £77.1 million in upfront and near-term payments and up to £2.075 billion in milestone payments, with additional tiered royalties on sales. This partnership combines ABL Bio’s cutting-edge BBB-penetrating technology with GSK’s extensive development and commercialization capabilities to address critical unmet needs in conditions such as Alzheimer’s and Parkinson’s disease.

Key Deal Terms Summary

1. Agreement Overview

• Parties: Madrigal Pharmaceuticals and CSPC Pharmaceutical Group
• Date: July 30, 2025
• Type: Exclusive global license agreement
• Asset: SYH2086, a preclinical oral small molecule GLP-1 receptor agonist and derivative of orforglipron
• Purpose: To support combination therapy development with Rezdiffra™ (resmetirom) for MASH (Metabolic dysfunction-associated steatohepatitis)
• Rights Granted: Madrigal receives global rights to develop, manufacture, and commercialize SYH2086
• Exclusions: CSPC may develop and commercialize other oral GLP-1 agonists in China, subject to certain conditions

2. Financial Terms

• Upfront Payment: USD 120 million to CSPC

• Milestone Payments:

• CSPC eligible for up to USD 2 billion in development, regulatory, and commercial milestones

• Royalties:

• CSPC to receive royalties on net sales (rate undisclosed)

• Equity: No equity component disclosed
• Closing: Expected in Q4 2025, subject to regulatory clearance

3. Development & Commercialization Plans

• Lead Program: SYH2086 will enter clinical development in H1 2026
• Target Indication: MASH (formerly known as NASH)

• Combination Strategy:

• Rezdiffra (targets fibrosis and lipid reduction)

• SYH2086 (expected to support weight loss and metabolic control)
• Aim: To deliver a once-daily oral, best-in-class treatment for MASH

• Formulation Benefits:

• SYH2086 has demonstrated linear pharmacokinetics, in vitro potency, and in vivo glucose/weight loss effects in preclinical studies

• No significant safety risks identified

4. Strategic Impact

• For Madrigal:

• Strengthens its pipeline leadership in MASH

• Builds upon Rezdiffra’s commercial success and IP runway (to 2044)
• Supports expansion into F4c and European markets

• For CSPC:

• Monetizes a globally patented preclinical GLP-1 asset

• Gains exposure to global commercial upside via royalties and milestones
• Retains strategic rights in China for similar assets

Overall Summary

Madrigal Pharmaceuticals has entered an exclusive global license agreement with CSPC Pharmaceutical Group for SYH2086, a preclinical oral GLP-1 receptor agonist. This deal aligns with Madrigal's strategy to develop combination oral therapies for MASH using Rezdiffra as the backbone. CSPC will receive an upfront payment of USD 120 million, plus up to USD 2 billion in milestones, and royalties on net sales. Madrigal plans to initiate clinical development in early 2026, aiming to deliver a once-daily, best-in-class therapy to patients with MASH.

Key Deal Terms Summary

1. Agreement Overview

• Parties: Chiesi Group and Arbor Biotechnologies
• Type: Exclusive global collaboration and license agreement plus multitarget research and option agreement
• Focus: Development and commercialization of ABO-101, a gene editing therapy for Primary Hyperoxaluria Type 1 (PH1), and additional rare liver disease programs using Arbor’s gene editing platforms
• Announcement Date: October 6, 2025

2. Financial Terms

• Upfront and Near-Term Payments: Up to USD 115 million
• Milestone Payments: Up to USD 2 billion (development, regulatory, and commercial milestones)
• Royalties: Low double-digit tiered royalties on net sales
• Rights:
• Chiesi receives exclusive global rights to develop and commercialize ABO-101 for PH1
• Arbor retains rights to its gene editing platform outside the licensed fields

3. Development & Commercialization Plans

• Lead Asset: ABO-101, a liver-directed, one-time CRISPR Cas12i2 gene editing therapy targeting the HAO1 gene to reduce oxalate overproduction in PH1
• Delivery System: Lipid nanoparticle (LNP) formulation licensed from Acuitas Therapeutics
• Clinical Stage: Phase 1/2 redePHine trial (NCT06839235) evaluating safety, tolerability, pharmacokinetics, pharmacodynamics, and preliminary efficacy
• Trial Structure:
• Part A: Adult dose escalation
• Part B: Pediatric cohort
• Long-term monitoring to follow initial study period
• Collaboration Terms:
• Joint clinical development of ABO-101
• Chiesi gains options to apply Arbor’s knockout (KO) and reverse transcriptase (RT) editing technologies to additional rare liver diseases

4. Strategic Impact

• Strengthens Chiesi’s leadership in rare disease gene editing therapeutics via its Global Rare Diseases unit
• Provides Arbor with a strategic commercialization partner and non-dilutive funding to advance its gene editing programs
• Expands the application of Arbor’s Cas12i2-based platform to new rare metabolic and liver disorders
• Enhances potential to deliver curative, one-time genomic treatments for patients with ultra-rare genetic diseases

5. Clinical Notes

• Indication: Primary Hyperoxaluria Type 1 (PH1)
• Mechanism: Gene editing to permanently reduce HAO1 function in the liver, lowering oxalate levels
• Therapeutic Goal: Single-dose, potentially curative treatment to eliminate dependence on lifelong siRNA therapy or dual organ transplant
• Status: Investigational, not approved by regulatory agencies

Overall Summary

Chiesi Group and Arbor Biotechnologies have entered into an exclusive global collaboration and license agreement for the development and commercialization of ABO-101, a CRISPR Cas12i2-based gene editing therapy for Primary Hyperoxaluria Type 1 (PH1). The partnership also includes a multitarget research and option agreement for Arbor’s KO and RT editing platforms covering additional rare liver diseases.

Under the terms, Arbor will receive up to USD 115 million in upfront and near-term payments, up to USD 2 billion in milestones, and low double-digit tiered royalties on future product sales. ABO-101 is currently in Phase 1/2 clinical development using LNP delivery for precise liver-directed editing.

This collaboration expands Chiesi’s rare disease portfolio and accelerates Arbor’s genomic medicine strategy, marking a major step forward in gene editing-based therapies for rare metabolic disorders.

Key Deal Terms Summary

1. Agreement Overview

• Parties: Orionis Biosciences and Genentech (a member of the Roche Group)
• Type: Multi-year research and development collaboration
• Focus: Discovery and development of small-molecule monovalent molecular glues targeting oncology indications
• Platform: Orionis’s Allo-Glue™ platform, integrating AI, chemical biology, and automation for glue-based proximity-induced drug design

2. Financial Terms

• Upfront Payment: USD 105 million
• Milestones: Potential research, development, commercial, and net sales milestone payments exceeding USD 2 billion
• Royalties: Orionis is eligible for tiered royalties on net sales of collaboration products

3. Development & Commercialization Plans

• Orionis will:

• Lead discovery and optimization of monovalent molecular glue compounds

• Genentech will:

• Take over late preclinical, clinical development, regulatory filing, and global commercialization

• The collaboration aims to access previously undruggable targets in oncology through rationally designed glue-based modalities

4. Strategic Impact

• Marks the second strategic partnership between Orionis and Genentech (following a 2023 agreement)
• Expands Genentech’s efforts in induced proximity mechanisms, complementing its existing protein degrader initiatives
• Reinforces Orionis’s position as a leader in next-generation drug design using AI, custom assay systems, and robotic screening
• Aligns with Genentech’s innovation agenda to develop transformative cancer medicines

Overall Summary

Orionis Biosciences has entered into a major collaboration with Genentech, receiving USD 105 million upfront with over USD 2 billion in potential milestones and tiered royalties. The deal leverages Orionis’s proprietary Allo-Glue™ platform to design novel small-molecule glues targeting difficult oncology pathways. While Orionis leads discovery and optimization, Genentech will drive development and commercialization. This marks the companies’ second collaboration, strengthening both parties’ efforts to unlock previously undruggable targets and bring innovative molecular glue medicines to cancer patients.

Key Deal Terms Summary

1. Agreement Overview

Parties: Novo Nordisk A/S and Omeros Corporation (Nasdaq: OMER)
Transaction Type: Definitive Asset Purchase and License Agreement
Asset: Clinical-stage MASP-3 inhibitor zaltenibart (formerly OMS906)
Scope: Novo Nordisk gains exclusive global rights to develop and commercialize zaltenibart for all indications.
Expected Closing: Q4 2025, subject to customary regulatory approvals.

2. Financial Terms

• Upfront and Near-Term Milestones: USD 340 million
• Total Potential Deal Value: Up to USD 2.1 billion, including:
• Development milestones
• Regulatory and commercial milestones
• Royalties: Tiered royalties on global net sales
• Omeros Retained Rights:
• Certain preclinical MASP-3 programs not related to zaltenibart
• Ability to develop small-molecule MASP-3 inhibitors for limited indications

3. Product & Technology Details

• Zaltenibart (OMS906):
• Type: Humanized monoclonal antibody (biologic)
• Mechanism: Selectively inhibits MASP-3, the key upstream activator of the alternative complement pathway.
• Distinct Advantage:
  • Preserves classical complement pathway, maintaining immune protection.
  • MASP-3 has low systemic circulation and is not an acute-phase reactant, providing potential safety and durability advantages.
• Clinical Stage: Demonstrated positive Phase 2 results in paroxysmal nocturnal hemoglobinuria (PNH) with favorable safety and tolerability.

4. Development and Commercial Plans

• Lead Indication: PNH (Paroxysmal Nocturnal Hemoglobinuria)
• Planned Next Step: Novo Nordisk will initiate a global Phase 3 program in PNH.
• Future Pipeline Expansion:
• IgA nephropathy (IgAN)
• C3 glomerulopathy (C3G)
• Atypical hemolytic uremic syndrome (aHUS)
• Broader complement-mediated and renal disorders

5. Strategic Rationale

• For Novo Nordisk:
• Expands its Rare Disease portfolio and strengthens presence in hematology and nephrology.
• Adds a best-in-class complement inhibitor with strong mechanistic differentiation.
• For Omeros:
• Monetizes a late-stage biologic asset while maintaining focus on its MASP-2 inhibitor narsoplimab and other pipeline programs.
• Retains flexibility in early-stage MASP-3 and small-molecule programs.

6. Advisors & Governance

• Transaction details do not specify advisors, but the deal involves intellectual property transfer and exclusive licensing rights from Omeros to Novo Nordisk.

Overall Summary

Novo Nordisk and Omeros entered into a USD 2.1 billion asset purchase and license agreement granting Novo Nordisk exclusive global rights to the MASP-3 inhibitor zaltenibart (OMS906), a Phase 2–validated monoclonal antibody for complement-mediated rare blood and kidney disorders. Omeros will receive USD 340 million upfront, with potential payments up to USD 2.1 billion, plus tiered royalties. Novo Nordisk will lead global Phase 3 development beginning with PNH, positioning zaltenibart as a potential best-in-class therapy in complement inhibition while expanding its Rare Disease portfolio.

Key Deal Terms Summary

1. Agreement Overview

• Parties: Enlaza Therapeutics and Vertex Pharmaceuticals.
• Focus: Development of War-Lock™ drug conjugates and T-cell engagers.
• Indications: Targeted toward autoimmune diseases and improved conditioning for sickle cell disease and beta thalassemia.
• Structure: Multi-target drug discovery collaboration.

2. Financial Terms

• Upfront & Equity: USD 45 million (inclusive of upfront payment and equity investment).
• Milestones: Up to USD 2+ billion across research, development, regulatory, and commercial milestones.
• Royalties: Tiered royalties on net sales (specific rates undisclosed).
• Funding: Vertex will fully fund all R\&D costs during the four-year collaboration.

3. Development & Commercialization Plans

• Enlaza: Leads early-stage research through development candidate nomination.
• Vertex: Takes over future research, development, manufacturing, and commercialization of selected candidates.
• Technology: War-Lock™ platform uses proprietary non-natural amino acids to engineer covalent biologics, combining small-format biologic selectivity with covalent drug action for enhanced efficacy and safety.

4. Strategic Impact

• Expands Enlaza’s covalent biologics platform beyond oncology into autoimmune diseases.
• Provides Vertex with access to a novel modality that could support gentler conditioning regimens for CASGEVY® and broaden its autoimmune pipeline.
• Potential for first-in-class therapies in autoimmune and genetic disease settings.

Overall Summary

Enlaza Therapeutics and Vertex Pharmaceuticals have entered a USD 45 million upfront & equity-funded collaboration with a potential value of over USD 2 billion in milestones plus royalties. The partnership leverages Enlaza’s War-Lock™ covalent biologics platform to develop next-generation drug conjugates and T-cell engagers for autoimmune diseases and conditioning regimens in sickle cell disease and beta thalassemia. Enlaza will lead early discovery, while Vertex will handle later development and commercialization, positioning both companies to advance highly differentiated therapies into new markets.

Regeneron Expands Clinical-Stage Obesity Portfolio with Strategic In-Licensing of Novel Dual GLP-1/GIP Receptor Agonist

Key Deal Terms Summary

1. Agreement Overview

• Regeneron has entered into a strategic in-licensing agreement with Hansoh Pharmaceuticals.
• The agreement grants Regeneron exclusive clinical development and commercialization rights outside of Mainland China, Hong Kong, and Macau for HS-20094, a dual GLP-1/GIP receptor agonist.
• HS-20094 is currently in Phase 3 development for obesity and Phase 2b for diabetes in China, with over 1,000 patients studied to date.
• Administered as a weekly subcutaneous injection with a safety and efficacy profile potentially similar to the only FDA-approved GLP-1/GIP receptor agonist.

2. Financial Terms

• Upfront Payment: USD 80 million
• Milestone Payments: Up to USD 1.93 billion for development, regulatory, and sales milestones.
• Royalties: Tiered royalties on global net sales (excluding licensed territories) in the low double digits.

3. Development & Commercialization Plans

• Regeneron will explore combination therapies involving HS-20094 and its proprietary pipeline assets, such as:

• Trevogrumab (anti-GDF8) to preserve muscle mass.

• Garetosmab (anti-activin A) to mitigate comorbidities.
• The COURAGE Phase 2 study is already evaluating trevogrumab plus semaglutide ± garetosmab.
• Future development aims to improve sustainability of weight loss, muscle preservation, and treatment of obesity-associated conditions like cardiovascular disease, diabetes, and liver disease.

4. Strategic Impact

• Strengthens Regeneron’s presence in the global obesity and metabolic disease market.
• Provides a late-stage complementary asset to existing GLP-1-based research efforts.
• Accelerates Regeneron’s long-term vision of holistic, sustainable weight-loss solutions through multi-agent precision therapy.
• Builds on Regeneron’s differentiated approach of preserving lean mass during weight loss to improve health outcomes.
• Enhances Regeneron’s capacity to enter combinatorial and personalized medicine pathways for obesity.

Overall Summary

Regeneron has secured global rights (excluding China, Hong Kong, and Macau) to HS-20094, a dual GLP-1/GIP receptor agonist currently in Phase 3, through an in-licensing deal with Hansoh Pharmaceuticals. The agreement includes an USD 80 million upfront payment, up to USD 1.93 billion in milestones, and low double-digit royalties. This move reinforces Regeneron’s commitment to differentiated, long-term obesity treatment strategies focused on muscle preservation and comorbidity management.

Key Deal Terms Summary

1. Agreement Overview

• Parties Involved: The United Laboratories International Holdings Limited (TUL), United Biotechnology (a TUL subsidiary), and Novo Nordisk A/S
• Deal Type: Exclusive license agreement
• Asset Licensed: UBT251, a GLP-1/GIP/glucagon triple receptor agonist
• Development Stage: Early clinical-stage; recently completed a Phase 1b study in overweight/obese patients in China
• Therapeutic Focus: Obesity, type 2 diabetes, MAFLD, and chronic kidney disease (CKD)

2. Financial Terms

• Upfront Payment: $200 million
• Milestone Payments: Up to $1.8 billion (development, regulatory, and commercial milestones)
• Royalties: Tiered royalties on net sales (outside of Greater China)
• Territorial Rights:
• Novo Nordisk: Exclusive rights outside mainland China, Hong Kong, Macau, and Taiwan
• United Biotechnology: Retains rights within mainland China, Hong Kong, Macau, and Taiwan

3. Development and Clinical Status

• Phase 1b Clinical Trial (China):
• Design: Randomized, double-blind, placebo-controlled
• Participants: 36 people with overweight/obesity
• Dosing: Weekly subcutaneous injections over 12 weeks across 3 dose escalation groups

• Outcomes:

  • Weight loss in highest dose group: 15.1% reduction from baseline
  • Placebo group: 1.5% weight gain
  • Safety: GI-related adverse events consistent with incretin-based therapies; mostly mild-to-moderate

• Ongoing Trials:

• Phase 2 trial for obesity has been initiated in China
• Clinical trial approvals in China and the U.S. for additional indications including type 2 diabetes, MAFLD, and CKD

4. Strategic Impact

• For Novo Nordisk:
• Strengthens and diversifies its cardiometabolic pipeline
• Gains global rights to a potentially best-in-class triple agonist targeting three key metabolic hormone receptors

• Builds on United Biotechnology’s early-stage data to accelerate development outside of China

• For TUL / United Biotechnology:

• Validates its R&D innovation model
• Significant non-dilutive capital to reinvest into R&D
• Retains commercial opportunity in the Greater China market
• Reinforces its global strategy by aligning with a market leader in metabolic disease

5. Closing Conditions

• Subject to:
• Regulatory clearance
• Customary closing conditions

Overall Summary

Novo Nordisk has entered into a major global license deal for UBT251, paying $200 million upfront and up to $1.8 billion in milestones, plus royalties. The agreement provides Novo Nordisk exclusive rights outside Greater China to a promising triple agonist that has already shown strong weight loss effects in a Phase 1b trial. This strategic collaboration expands Novo Nordisk’s pipeline in obesity and diabetes, while United Biotechnology retains commercial opportunity and strengthens its global R&D ambitions.

Key Deal Terms Summary

1. Agreement Overview

• Acquirer: GSK plc
• Target Asset: Efimosfermin alfa, a Phase III-ready fibroblast growth factor 21 (FGF21) analog for treating steatotic liver disease (SLD)
• Seller: Boston Pharmaceuticals
• Structure: Acquisition of BP Asset IX, Inc., a subsidiary of Boston Pharmaceuticals that owns the asset

• Clinical Target Indications:

• Metabolic dysfunction-associated steatohepatitis (MASH)

• Alcohol-related liver disease (ALD)
• Broader steatotic liver disease (SLD) population

2. Financial Terms

• Upfront Payment: USD 1.2 billion
• Success-Based Milestone Payments: Up to USD 800 million
• Total Potential Consideration: Up to USD 2.0 billion

• Royalty Obligations:

• Tiered royalties payable to Novartis Pharma AG on future net sales of efimosfermin

• Accounting: GSK will treat the acquisition as a business combination
• Regulatory Approvals: Subject to Hart-Scott-Rodino Act clearance

3. Development & Commercialization Plans

• Clinical Stage: Phase III-ready

• Data Highlights:

• Phase II trial showed rapid and significant reversal of liver fibrosis

• Promising safety and tolerability
• Demonstrated benefits independent of GLP-1 therapy
• Potential for monthly dosing and low immunogenicity
• First Launch Anticipated: 2029
• Strategic Fit: Adds to GSK’s hepatology pipeline alongside siRNA therapeutic GSK‘990

• Development Options:

• Monotherapy and combination therapies with other GSK assets

4. Strategic Impact

• Addresses major unmet need in SLD, which affects \~5% of global population
• Efimosfermin’s antifibrotic action and metabolic benefits align with GSK’s immunology and fibrosis R\&D focus
• Potential to prevent progression to cirrhosis, liver cancer, and transplant, potentially saving USD 40–100 billion in U.S. healthcare costs over 20 years

Overall Summary

GSK has signed a USD 2 billion acquisition deal for efimosfermin alfa, a potential best-in-class FGF21 analog from Boston Pharmaceuticals. The deal includes USD 1.2 billion upfront and up to USD 800 million in milestones, plus royalties to Novartis. Efimosfermin’s monthly dosing, fibrosis-reversing efficacy, and tolerability make it a strong candidate to become a new standard-of-care for SLD, with GSK targeting first launch in 2029. The transaction reinforces GSK’s commitment to hepatology and precision immunology, and provides multiple paths for monotherapy and combination development.

Key Deal Terms Summary

1. Agreement Overview

• Parties: Skyhawk Therapeutics and Merck KGaA, Darmstadt, Germany
• Type: Strategic research collaboration with an option agreement
• Focus: Discovery of RNA-targeting small molecules for select neurological disorders with high unmet medical need
• Platform: Skyhawk’s proprietary SkySTAR® RNA splicing modulation platform
• Rights: Merck KGaA gains exclusive global rights to drug candidates upon option exercise

2. Financial Terms

• Total Deal Value: Over USD 2 billion
• Structure: Includes upfront payment, milestone payments, and tiered royalties on future sales (specific amounts not disclosed)

3. Development & Commercialization Plans

• Skyhawk: Responsible for discovery and preclinical development using the SkySTAR® platform
• Merck KGaA, Darmstadt, Germany: Assumes responsibility for further development and commercialization after option exercise
• Objective: Leverage RNA splicing modulation to address challenging disease biology in neurological conditions

4. Strategic Impact

• Expands the potential of RNA modulation in neurological diseases where conventional drug discovery approaches have failed
• Strengthens Merck KGaA’s neuroscience pipeline with next-generation RNA-targeting therapies
• Validates Skyhawk’s platform as a leading discovery engine for RNA-targeting small molecules
• Supports Merck KGaA’s mission to accelerate delivery of transformative medicines to patients worldwide

Overall Summary

Skyhawk Therapeutics and Merck KGaA, Darmstadt, Germany have entered into a collaboration valued at over USD 2 billion, focused on developing RNA-targeting small molecules for neurological disorders. Skyhawk will lead discovery efforts with its SkySTAR® platform, while Merck KGaA will take over development and commercialization following option exercise. The deal underscores the growing role of RNA modulation in tackling complex neurological diseases and positions both companies to advance first-in-class therapies in high unmet-need indications.

Key Deal Terms Summary

1. Agreement Overview

• Parties: Zenas BioPharma, Inc. and InnoCare Pharma Limited
• Type: Global license agreement (multi-asset; non-oncology for orelabrutinib + two preclinical assets)
• Programs Covered:
• Orelabrutinib (BTK inhibitor) – MS and all non-oncology indications
• Oral IL-17AA/AF inhibitor – outside Greater China & Southeast Asia (GC/SEA)
• Oral, brain-penetrant TYK2 inhibitor – global
• Fields & Territories:
• Orelabrutinib: Zenas has global rights in MS and all non-oncology indications worldwide; InnoCare retains full global oncology rights
• IL-17AA/AF inhibitor: Zenas holds rights ex-GC/SEA
• TYK2 inhibitor: Zenas holds global rights

2. Financial Terms

• Upfront & Near-Term Milestones (cash): Up to $100M (includes 2026 milestones)
• Equity: Up to 7,000,000 Zenas common shares (includes shares tied to an early-2026 milestone)
• Total Potential Deal Value (all three programs): Exceeds $2B (development, regulatory, commercial milestones)
• Royalties: Tiered, up to high-teens % on annual net sales of licensed products to InnoCare

3. Development Plan & Status

• Orelabrutinib (BTK inhibitor; CNS-penetrant):
• PPMS: Pivotal Phase 3 (global, randomized, DBPC; 80 mg QD) initiated
• SPMS: Pivotal Phase 3 planned 1Q 2026
• Regulatory alignment: PPMS & SPMS Phase 3 designs aligned with FDA & EMA
• Prior data (RRMS Phase 2): Significant reductions in new Gd+ T1 lesions at Weeks 12/24; sustained inflammatory control through Week 96; safety/tolerability consistent with class
• Commercial status: Orelabrutinib approved for B-cell malignancies in mainland China and Singapore (oncology retained by InnoCare)
• Oral IL-17AA/AF inhibitor (blocks IL-17AA & IL-17AF):
• IND-enabling; IND + Phase 1 start in 2026 (ex-GC/SEA for Zenas)
• Oral, brain-penetrant TYK2 inhibitor:
• IND-enabling; IND + Phase 1 start in 2026 (global for Zenas)

4. Zenas Pipeline Context (select)

• Obexelimab (CD19 × FcγRIIb B-cell function inhibitor):
• IgG4-RD Phase 3 (INDIGO): Fully enrolled; topline around YE 2025
• RMS Phase 2 (MoonStone): 12-week results early 4Q 2025; 24-week data 1Q 2026
• SLE Phase 2 (SunStone): Enrollment complete ~YE 2025; topline mid-2026
• Strategic focus: Build two franchise programs: Obexelimab and Orelabrutinib across autoimmune indications

5. Private Placement Financing

• Gross Proceeds: ~$120.0M
• Pricing: ~6.3M shares at $19.00 (institutions/Accredited) and $20.85 (directors/officers)
• Close: Expected on/around Oct 9, 2025
• Use of Proceeds / Runway: Cash expected to fund operations into 4Q 2026; with potential $75M Royalty Pharma milestone (INDIGO), into 1Q 2027
• Placement Agents: Jefferies and Evercore ISI

6. Investor Events

• Zenas: Oct 8, 2025, 8:00 a.m. ET (webcast; IR site)
• InnoCare: Oct 9, 2025, 8:30 a.m. Beijing Time (Chinese language; registration link provided)

Strategic Impact

• Establishes Zenas as a late-stage BTK in progressive MS leader with global non-oncology rights to a CNS-penetrant inhibitor poised for pivotal trials in PPMS and SPMS
• Adds two oral, CNS-relevant immunology mechanisms (IL-17AA/AF and TYK2) with Phase 1 starts in 2026
• Delivers non-dilutive milestone/royalty economics to InnoCare while maintaining oncology rights
• Positions Zenas with complementary B-cell / T-cell pathway modulation and blockbuster-potential franchises in autoimmune disease

Overall Summary

Zenas BioPharma licensed global non-oncology rights to orelabrutinib (a highly selective, CNS-penetrant BTK inhibitor) and secured rights to two additional oral immunology candidates (IL-17AA/AF and TYK2) from InnoCare. Terms include up to $100M near-term cash, up to 7M Zenas shares, > $2B in potential milestones, and royalties up to high-teens %. A Phase 3 PPMS trial has begun, with SPMS Phase 3 to start 1Q 2026; both have FDA/EMA alignment. Zenas also raised ~$120M in a private placement, extending runway into 4Q 2026 (potentially 1Q 2027 with a $75M milestone). The deal accelerates Zenas’ transition to a fully integrated autoimmune company with best-in-class potential assets in progressive MS and a balanced pipeline spanning B- and T-cell biology.

Key Deal Terms Summary

1. Agreement Overview

• Parties Involved: Merck and Jiangsu Hengrui Pharmaceuticals Co., Ltd.
• Asset Licensed: HRS-5346, an oral small molecule inhibitor of Lipoprotein(a) [Lp(a)]
• Indication: Atherosclerotic cardiovascular disease
• Stage: Phase 2 clinical trial (currently in China)
• Rights Granted: Merck receives exclusive global rights to develop, manufacture, and commercialize HRS-5346, excluding Greater China

2. Financial Terms

• Upfront Payment: $200 million
• Milestone Payments: Up to $1.77 billion, tied to:
• Development milestones
• Regulatory approvals
• Commercial achievements
• Royalties: Tiered royalties on net sales outside of Greater China (exact percentages not disclosed)
• Accounting Impact: Merck will record a $200 million pre-tax charge (~$0.06/share) in the quarter the transaction closes

3. Development & Commercialization Plans

• Merck Responsibilities:
• Lead global development and commercialization outside Greater China
• Leverage its cardio-metabolic pipeline and global infrastructure to accelerate HRS-5346 development
• Hengrui Retains:
• All rights within Greater China (Mainland China, Hong Kong, Macau, Taiwan)

4. Strategic Impact

• For Merck:
• Adds a first-in-class oral candidate for Lp(a) reduction, addressing a major unmet need in cardiovascular disease
• Expands Merck’s cardio-metabolic pipeline

• Potentially serves 1 in 5 adults worldwide with elevated Lp(a) — an independent, genetically determined cardiovascular risk factor

• For Hengrui Pharma:

• Gains global validation of its R&D capabilities
• Secures substantial upfront and milestone payments
• Retains market opportunity in Greater China while leveraging Merck’s scale to maximize global reach

Overall Summary

Merck has entered into an exclusive global license agreement (excluding Greater China) with Jiangsu Hengrui Pharma for HRS-5346, a Phase 2 oral Lp(a) inhibitor targeting cardiovascular disease. The deal includes a $200 million upfront payment, up to $1.77 billion in milestones, and tiered royalties. HRS-5346 could become a novel oral treatment option for elevated Lp(a), a serious risk factor for atherosclerotic cardiovascular conditions affecting 1.4 billion people globally. Merck expands its cardio-metabolic portfolio, while Hengrui retains rights in Greater China and stands to benefit from Merck’s global clinical and commercial expertise.

Key Deal Terms Summary

1. Agreement Overview

• Parties: Ichnos Glenmark Innovation (IGI) and AbbVie
• Asset: ISB 2001, a first-in-class CD38×BCMA×CD3 trispecific antibody
• Stage: Phase 1 clinical trial for relapsed/refractory multiple myeloma (R/R MM)
• Structure: Exclusive global licensing agreement
• Rights: AbbVie receives exclusive global rights to develop, manufacture, and commercialize ISB 2001 in North America, Europe, Japan, and Greater China

2. Financial Terms

• Upfront Payment: USD 700 million to IGI
• Milestone Payments: Up to USD 1.225 billion in development, regulatory, and commercial milestones
• Royalties: Tiered, double-digit royalties on net sales

3. Development & Commercialization Plans

• AbbVie to lead global development and commercialization
• IGI will continue advancing its BEAT® platform pipeline in oncology
• ISB 2001 continues in Phase 1, with FDA Orphan Drug and Fast Track designations
• Early trial data show 79% ORR and 30% CR/sCR in heavily pretreated patients

4. Strategic Impact

• AbbVie expands its oncology pipeline with a novel T-cell engager platform
• Strengthens IGI’s position as a multispecifics innovation leader
• Collaboration accelerates clinical development and potential global access to ISB 2001
• Partnership validates the BEAT® platform’s ability to deliver next-generation immune therapies

Overall Summary

AbbVie and IGI have signed an exclusive global licensing agreement for ISB 2001, a Phase 1 trispecific antibody targeting CD38, BCMA, and CD3 for relapsed/refractory multiple myeloma. AbbVie will pay USD 700 million upfront, with up to USD 1.225 billion in milestones, and tiered, double-digit royalties on future sales. The collaboration combines AbbVie’s oncology development power with IGI’s BEAT® platform to advance cutting-edge multispecific therapies in hard-to-treat cancers.

Key Deal Terms Summary

Agreement Overview

• Structure: Sanofi to acquire Dren Bio affiliate Dren-0201, securing full rights to the DR-0201 bispecific antibody program.
• Focus: DR-0201 is a CD20-directed bispecific myeloid cell engager (MCE) designed to drive deep B-cell depletion via targeted phagocytosis.
• Indications: Being studied for autoimmune diseases such as lupus, particularly in refractory patients where conventional B-cell depleters are insufficient.
• Stage: DR-0201 is in Phase 1 clinical development, with robust preclinical and early clinical data.

Financial Terms

• Upfront Payment: $600 million to acquire Dren-0201
• Milestones:
• Up to $1.3 billion in development and launch milestone payments
• Total Potential Consideration: Up to $1.9 billion
• Funding: Sanofi will use existing cash reserves
• Structure: Acquisition of a Dren Bio affiliate (Dren-0201); parent company Dren Bio will remain independent

Development & Commercialization Plans

• Lead Asset: DR-0201 – a potential first-in-class bispecific antibody using myeloid cell engagement for targeted immune reset
• Mechanism:
• Engages tissue-resident and circulating myeloid cells
• Triggers phagocytosis of CD20+ B cells
• Aims for sustained, treatment-free remission in autoimmune diseases
• Sanofi’s Role: Will lead further development and global commercialization
• Current Studies: Two ongoing Phase 1 trials in autoimmune settings

Strategic Impact

• For Sanofi:
• Strengthens immunology pipeline
• Aligns with goal to be global leader in immunology
• Enhances Sanofi’s capabilities in deep immune modulation
• For Dren Bio:
• Retains its core business and pipeline, including DR-01 and broader myeloid engager platform
• Unlocks capital from the DR-0201 program to accelerate additional innovation

Overall Summary

Sanofi will acquire Dren Bio’s affiliate housing DR-0201, a next-generation bispecific CD20-targeting antibody designed for deep B-cell depletion, for $600 million upfront and up to $1.3 billion in milestones. The deal strengthens Sanofi’s ambition to reset the immune system in autoimmune diseases and underscores its commitment to leading in immunology. DR-0201’s unique myeloid engagement mechanism could offer transformative potential for refractory B-cell mediated autoimmune conditions such as lupus, supporting long-term remission. The acquisition is expected to close in Q2 2025.

Key Deal Terms Summary

1. Type of Agreement

• Exclusive worldwide license agreement for two bispecific antibody programs.

2. Agreement Overview

• Earendil Labs has granted Sanofi exclusive global rights to HXN-1002 and HXN-1003, two potential first-in-class bispecific antibodies targeting autoimmune and inflammatory bowel diseases.
• The license includes rights to research, develop, manufacture, and commercialize both candidates.

3. Financial Terms

• Upfront payment: $125 million.
• Milestone payments: Up to $1.72 billion in development and commercial milestones, including a $50 million near-term milestone.
• Royalties: Tiered royalties ranging from high-single to low-double digits on product sales.

4. Development & Commercialization Plans

• Sanofi will lead all future development, regulatory filings, and global commercialization of HXN-1002 and HXN-1003.
• Focus will be on treatment of moderate to severe ulcerative colitis (UC) and Crohn’s disease (CD) for HXN-1002, and broader autoimmune indications for HXN-1003.

5. Strategic Impact

• Strengthens Sanofi’s immunology pipeline with next-generation bispecific antibody therapeutics.
• Validates Earendil Labs’ AI-driven biologics discovery platform and its strategy to deliver first-in-class or best-in-class candidates.

Overall Summary

This is an exclusive license agreement between Earendil Labs and Sanofi covering two next-generation bispecific antibody candidates, currently at the preclinical stage, for autoimmune and inflammatory bowel diseases. Earendil Labs will receive an upfront payment of $125 million, with potential additional payments totaling up to $1.72 billion plus royalties. Sanofi will assume all responsibilities for further development, regulatory approval, and commercialization globally outside Greater China.

Key Deal Terms Summary

1. Agreement Overview

• Gilead and LEO Pharma have entered a strategic global partnership to advance LEO Pharma’s oral STAT6 small molecule programs, including targeted protein degraders, for inflammatory diseases.
• Gilead gains exclusive global rights to develop, manufacture, and commercialize the oral STAT6 program.
• LEO Pharma retains global rights to topical STAT6 formulations for dermatology indications and may co-commercialize oral STAT6 for dermatology indications outside the U.S.

2. Financial Terms

• LEO Pharma is eligible to receive up to USD 1.7 billion in total consideration:

• USD 250 million upfront payment

• Additional development, regulatory, and commercial milestone payments

• Royalties:

• LEO Pharma will receive tiered royalties on oral STAT6 product sales (high single-digit to mid-teens percentages).

• Gilead will receive tiered royalties on topical STAT6 product sales (high single-digit to mid-teens percentages).
• The transaction is expected to reduce Gilead’s 2025 GAAP and non-GAAP EPS by approximately USD 0.15–0.17.

3. Development & Commercialization Plans

• Gilead will lead development of oral small molecule STAT6 inhibitors and degraders, expanding its inflammation portfolio.
• LEO Pharma will lead development of topical STAT6 formulations in dermatology.
• LEO Pharma retains an option to co-commercialize oral STAT6 products for dermatology outside the United States.

4. Strategic Impact

• The collaboration strengthens Gilead’s pipeline in Th2-mediated inflammatory conditions, including atopic dermatitis, asthma, and COPD.
• LEO Pharma secures a major R\&D partner and funding, enhancing the potential to bring topical and oral STAT6 therapies to market.
• The partnership reflects a growing industry trend toward precision oral therapies that can serve as alternatives to biologics.

Overall Summary

Gilead and LEO Pharma have formed a global partnership to develop and commercialize oral and topical STAT6-targeted therapies for inflammatory diseases. Gilead secures exclusive global rights to oral STAT6 programs, while LEO retains rights to topical formulations and may co-commercialize oral therapies in dermatology markets outside the U.S. LEO receives USD 250 million upfront and is eligible for up to USD 1.7 billion in total payments plus tiered royalties. The deal strengthens both companies' presence in next-generation inflammation therapeutics, combining Gilead’s immunology strategy with LEO’s dermatology leadership.

Parties Involved

• AbbVie – A global biopharmaceutical company with expertise in oncology and immunology drug development.
• Neomorph, Inc. – A biotechnology company specializing in molecular glue degraders, targeting "undruggable" proteins in cancer and immune disorders.

Collaboration Scope

• The collaboration focuses on developing novel molecular glue degraders for multiple oncology and immunology targets.
• Molecular glue degraders are small molecules that selectively degrade disease-driving proteins, offering a more precise treatment approach for cancer and immune disorders.
• Neomorph’s proprietary molecular glue discovery platform will be leveraged to identify and advance novel drug candidates.

Rights & Responsibilities

• Neomorph
• Responsible for discovering and advancing molecular glue degraders for the designated targets.
• Eligible for option fees, milestone payments, and royalties upon success.
• AbbVie
• Gains exclusive licensing rights to select programs upon exercising its option.
• Will oversee clinical development, regulatory approval, and commercialization of selected drug candidates.

Financial Terms

• Neomorph to receive:
• Upfront payment (amount undisclosed).
• Up to $1.64 billion in option fees and milestone payments.
• Tiered royalties on future net sales of licensed products.

Regulatory Approval

• No immediate regulatory requirements disclosed, but the collaboration is expected to advance novel molecular glue degraders toward clinical development.

Overall Summary

AbbVie and Neomorph have entered into a collaboration and option-to-license agreement to develop molecular glue degraders targeting oncology and immunology indications. Neomorph will lead drug discovery, while AbbVie will have the option to license and advance selected programs into clinical development and commercialization. Neomorph stands to receive up to $1.64 billion in milestone payments and royalties, reinforcing the growing potential of molecular glue degraders in targeting previously "undruggable" proteins.

Key Deal Terms Summary

1. Agreement Overview

Parties: Kite Pharma (a subsidiary of Gilead Sciences) and Pregene Biopharma (China)
Structure: Collaboration and License Agreement
Focus: Research and development of next-generation in vivo CAR-T therapies.
Date: October 16, 2025
Therapeutic Areas: Oncology, autoimmune diseases, and other high-need indications.

2. Financial Terms

• Total Deal Value: Up to USD 1.64 billion
• Upfront Payment: USD 120 million paid by Kite to Pregene.
• Milestone Payments:
• Up to USD 1.52 billion in potential development, regulatory, and commercial milestones.
• Development and Commercialization:
• Kite and Pregene will jointly research and develop in vivo CAR-T therapies.
• Kite is expected to leverage its global clinical and manufacturing infrastructure for development and commercialization.

3. Collaboration Structure

• Joint Research Goals:
• To accelerate in vivo CAR-T clinical proof-of-concept studies.
• Integration of Pregene’s high-throughput CAR-T/CAR-NK/TCR-T platforms and manufacturing innovations with Kite’s clinical and regulatory expertise.
• Pregene’s Role:
• Provides proprietary technology platforms and lentiviral manufacturing systems.
• Supports early-stage research and preclinical development in China.
• Kite’s Role:
• Leads global development, clinical trials, and commercialization.
• Builds on its existing in vivo CAR-T strategy following its USD 350 million acquisition of Interius BioTherapeutics earlier in 2025.

4. Strategic Impact

• For Kite (Gilead):
• Deepens investment in in vivo cell therapy, expanding beyond traditional ex vivo CAR-T models.
• Strengthens competitive position in next-generation immuno-oncology through synergistic technology integration.
• Aligns with Gilead’s strategy to accelerate on-body CAR-T generation for improved efficiency and scalability.
• For Pregene:
• Gains global validation and a high-value partnership with a leading cell therapy innovator.
• Secures substantial upfront and milestone funding to expand its R&D capabilities.
• Builds on prior partnerships, including AstraZeneca-owned EsoBiotec, which leveraged Pregene’s platform for in vivo CAR-T development.

Overall Summary

Kite Pharma, a Gilead Sciences subsidiary, has entered a USD 1.64 billion collaboration and license agreement with Pregene Biopharma to co-develop in vivo CAR-T therapies. The deal includes USD 120 million upfront and up to USD 1.52 billion in milestones. This partnership strengthens Kite’s growing commitment

Astellas Enters Exclusive License Agreement with Evopoint Biosciences for XNW27011, a Novel Clinical-stage Antibody-Drug Conjugate Targeting CLDN18.2

Key Deal Terms Summary

1. Agreement Overview

• Astellas secures exclusive worldwide rights (excluding mainland China, Hong Kong, Macao, and Taiwan) to develop and commercialize XNW27011.
• XNW27011 is a novel clinical-stage antibody-drug conjugate (ADC) targeting CLDN18.2.
• Currently in Phase 1/2 clinical studies in China for solid tumors including gastric, gastroesophageal, and pancreatic cancers.

2. Financial Terms

• Upfront Payment: USD 130 million.
• Near-Term Payments: Up to USD 70 million.
• Milestone Payments: Up to USD 1.34 billion (development, regulatory, commercialization milestones).
• Royalties: Tiered royalties on net sales (specific percentages not disclosed).

3. Development & Commercialization Plans

• Astellas to leverage its CLDN18.2 expertise, building upon its existing program (including VYLOYTM).
• XNW27011 utilizes proprietary topoisomerase I inhibitor payload and linker technology.
• Supports Astellas’ expanding oncology pipeline with differentiated ADC approaches for GI cancers.

4. Strategic Impact

• Strengthens Astellas’ leadership in precision oncology and gastrointestinal cancer therapeutics.
• Evopoint gains substantial non-dilutive funding to support additional pipeline development.
• Potential to address unmet needs in gastric, gastroesophageal, and pancreatic cancer.

Overall Summary

Astellas and Evopoint Biosciences have entered an exclusive licensing agreement for the global development (ex-China) of XNW27011, a novel CLDN18.2-targeting ADC in Phase 1/2 clinical trials. The deal includes USD 130 million upfront, up to USD 70 million in near-term payments, up to USD 1.34 billion in milestones, and royalties on future sales. The partnership expands Astellas’ precision oncology pipeline while providing Evopoint with significant non-dilutive capital to advance its broader portfolio.

Key Deal Terms Summary

1. Agreement Overview

Parties: Hansoh Pharmaceutical Group Company Limited (via subsidiaries Shanghai Hansoh Biomedical Co., Ltd. and Changzhou Hansoh Pharmaceutical Co., Ltd.) and F. Hoffmann-La Roche Ltd.
Structure: Exclusive Worldwide License Agreement
Date: October 16, 2025
Focus: Development, manufacturing, and commercialization of HS-20110, an investigational CDH17-targeting antibody-drug conjugate (ADC).
Therapeutic Area: Colorectal cancer and other solid tumors
Territory: Worldwide exclusive rights granted to Roche excluding Mainland China, Hong Kong, Macau, and Taiwan.

2. Financial Terms

• Upfront Payment: USD 80 million to Hansoh.
• Milestone Payments: Up to USD 1.45 billion linked to development, regulatory approval, and commercialization achievements.
• Royalties: Tiered royalties on future net sales of HS-20110 (specific rates not disclosed).
• Total Potential Deal Value: Up to USD 1.53 billion, including upfront and milestone payments.

3. Collaboration Scope

• Hansoh’s Role (Licensor):
• Retains development and commercialization rights in Mainland China, Hong Kong, Macau, and Taiwan.
• Provides scientific expertise and supporting technology transfer to Roche for global development.
• Roche’s Role (Licensee):
• Gains exclusive rights in all territories outside Greater China.
• Responsible for global development, manufacturing, and commercialization.
• Clinical Development:
• HS-20110 is currently in a global Phase I clinical trial in China and the United States.

4. Strategic Impact

• For Hansoh Pharmaceutical:
• Represents one of the company’s largest global licensing transactions to date.
• Provides significant non-dilutive capital and validates its ADC technology platform.
• Enhances international recognition and positions Hansoh as a leading innovator in oncology biologics.
• For Roche:
• Expands its oncology pipeline with a novel ADC candidate targeting CDH17, a promising biomarker in colorectal and other solid tumors.
• Strengthens its global leadership in antibody-drug conjugates and precision oncology.

Overall Summary

Hansoh Pharmaceutical has entered a USD 1.53 billion exclusive license agreement with Roche for the CDH17-targeting ADC HS-20110, granting Roche worldwide rights excluding Greater China. Hansoh will receive an USD 80 million upfront payment, up to USD 1.45 billion in milestone payments, and tiered royalties on global sales. HS-20110 is in Phase I clinical trials in China and the U.S. The collaboration combines Hansoh’s biologics innovation with Roche’s global oncology leadership, expanding access to advanced ADC therapies for colorectal and other solid tumors.

Key Deal Terms Summary

1. Agreement Overview

• Parties: Unnatural Products, Inc. (UNP) and argenx
• Scope: Multi-target research collaboration for discovery and development of oral macrocyclic peptide therapeutics
• Focus: Drugging traditionally undruggable disease targets, particularly in immunology

• Structure:

• UNP conducts R\&D through IND-enabling studies

• argenx retains exclusive option to advance development and commercialization post-IND

2. Financial Terms

• Upfront and Near-Term Payments: Double-digit million USD (exact amount undisclosed)
• Equity Investment: argenx to make an investment in UNP (amount undisclosed)
• Milestone Potential: Up to USD 1.5 billion in research, development, regulatory, commercial, and option-related milestone payments
• Royalties: Tiered royalties on net sales of resulting products
• R\&D Funding: UNP to receive research funding to support platform discovery activities

3. Development & Commercialization Plans

• UNP leads discovery and IND-enabling R\&D using its AI-enhanced macrocycle platform
• argenx holds exclusive global rights for development and commercialization after exercising target-specific options
• Targets span multiple indications in immunology

4. Strategic Impact

• Leverages UNP’s proprietary macrocyclic peptide technology for drugging high-value intracellular targets with oral agents
• Supports argenx’s expansion in immunology through novel modalities
• Accelerates development of first-in-class oral peptide therapeutics against previously inaccessible targets

Overall Summary

Unnatural Products and argenx have entered a multi-target collaboration to develop oral macrocyclic peptide drugs against traditionally undruggable disease targets. The deal includes double-digit million USD upfront and near-term payments, an argenx equity investment, and up to USD 1.5 billion in potential milestones, plus tiered royalties. UNP will apply its AI-driven platform through IND-enabling studies, with argenx assuming downstream development and commercialization for selected programs.

Key Deal Terms Summary

Sangamo Therapeutics Enters Capsid Licensing Agreement with Eli Lilly for CNS Genomic Medicine Delivery

1. Agreement Overview

• Parties: Sangamo Therapeutics and Eli Lilly and Company (Lilly)
• Scope: Lilly receives a worldwide exclusive license to Sangamo’s STAC-BBB capsid, a novel AAV delivery technology targeting the central nervous system (CNS).
• Initial Rights: License covers one initial disease target, with the option to expand to up to four additional targets.

2. Financial Terms

• Upfront Payment: $18 million
• Milestone Potential: Up to $1.4 billion in:
• Licensed target fees
• Development, regulatory, and commercial milestones
• Royalties: Tiered royalties on potential net sales, subject to certain reductions.

3. Development & Commercialization Responsibilities

• Sangamo:
• Conducts technology transfer of STAC-BBB capsid
• Lilly:
• Leads all research, preclinical/clinical development, regulatory work, manufacturing, and commercialization

4. Strategic Impact

• Marks third industry partnership for STAC-BBB since its March 2024 unveiling
• Reinforces Sangamo’s position as a leader in AAV-based delivery systems, particularly for CNS applications
• Provides Sangamo with non-dilutive capital and potential long-term royalty revenue stream

Overall Summary

Sangamo Therapeutics has granted Eli Lilly an exclusive global license to its proprietary AAV capsid, STAC-BBB, for CNS disease applications. The deal includes an upfront payment of $18 million, potential milestones up to $1.4 billion, and tiered royalties on product sales. Lilly may target up to five CNS indications and will lead development and commercialization. The agreement highlights growing industry confidence in Sangamo’s delivery platform and offers significant financial upside based on performance milestones and royalties.

Samsung Biologics Secures $1.4B European Manufacturing Contract

Contract Overview
- Samsung Biologics has entered into a manufacturing agreement with an unnamed pharmaceutical company based in the European Union.

Deal Value
- The contract is valued at over $1.4 billion (approximately 2.1 trillion Korean won).

Strategic Significance
- This agreement ranks among the largest in Samsung Biologics' history.
- It continues the company's recent trend of securing major manufacturing contracts.

Key Deal Terms Summary

1. Agreement Overview

• Philochem AG, a wholly-owned subsidiary of the Philogen Group, has entered into a definitive license agreement with RayzeBio, a subsidiary of Bristol-Myers Squibb (BMS).
• The agreement grants exclusive worldwide rights to develop, manufacture, and commercialize OncoACP3, a radiopharmaceutical therapeutic and diagnostic agent targeting prostate cancer.
• OncoACP3 is currently in a company-sponsored Phase I diagnostic trial and is advancing toward IND submission for therapeutic development with actinium-225.

2. Financial Terms

• Upfront Payment:

• USD 350 million paid by RayzeBio to Philochem upon deal closing.

• Milestone Payments:

• Up to USD 1.0 billion in development, regulatory, and commercial milestones.

• Royalties:

• Mid-single to low double-digit percentage royalties on Global Net Sales of both therapeutic and diagnostic versions of OncoACP3.

3. Development & Commercialization Plans

• Target: OncoACP3 targets Acid Phosphatase 3 (ACP3), a novel biomarker in prostate cancer.

• Theranostic Utility:

• Used both as a diagnostic agent (current Phase I study NCT06840535 shows promising tumor-selective uptake).

• Undergoing IND-enabling studies for use as a therapeutic radioligand (225Ac-OncoACP3).
• Philochem brings proprietary ligand discovery expertise, while RayzeBio/BMS will lead downstream clinical development and global commercialization.

4. Strategic Impact

• Philochem:

• Secures a landmark deal worth up to USD 1.35 billion, validating its ligand discovery platform and expanding its footprint in radiopharmaceuticals.

• Gains a global commercialization partner with deep infrastructure in oncology and radiotherapy via RayzeBio and BMS.

• RayzeBio/BMS:

• Enters the prostate cancer radiopharmaceutical market with a differentiated, best-in-class candidate.

• Advances its strategy of leading in actinium-based RPTs (radiopharmaceutical therapies).
• Strengthens its oncology pipeline and builds on its clinical and commercial experience in radiotherapeutics.

5. Closing Conditions

• The transaction is expected to close in Q3 2025, subject to:

• Regulatory approvals

• Customary closing conditions

Overall Summary

Philochem has signed a strategic global licensing deal with RayzeBio, a Bristol-Myers Squibb company, for OncoACP3, a novel diagnostic and radiotherapeutic agent for prostate cancer. The agreement includes a USD 350 million upfront payment, up to USD 1.0 billion in milestones, and mid-single to low double-digit royalties. This collaboration brings together Philochem’s ligand-targeting innovation and RayzeBio’s radiopharma leadership, setting the stage for potential breakthrough treatments in prostate cancer using targeted radiopharmaceuticals. Closing is expected in Q3 2025.

Parties Involved

• Boehringer Ingelheim – A global biopharmaceutical company focused on human and animal health, with significant investment in oncology research and development.
• Synaffix B.V. (a Lonza company) – A biotechnology company specializing in antibody-drug conjugate (ADC) technology, including GlycoConnect™, HydraSpace®, and toxSYN® platforms.

Collaboration Scope

• Focus: Development of multiple ADC programs leveraging Synaffix’s ADC technology to enhance cancer treatment efficacy while minimizing damage to healthy tissues.
• Technology Utilized:
• GlycoConnect™ – A site-specific conjugation technology.
• HydraSpace® – A linker technology to optimize ADC properties.
• toxSYN® – A cytotoxic payload platform to improve the therapeutic index of ADCs.
• Target Selection:
• Boehringer will nominate multiple tumor targets from its portfolio.
• The first target was nominated at the agreement signing, with additional targets to follow within a predefined timeframe.
• Development and Commercialization Responsibilities:
• Synaffix provides proprietary ADC technologies and manufactures related components.
• Boehringer Ingelheim (via NBE Therapeutics) will lead ADC development and commercialization.

Rights & Responsibilities

• Synaffix:
• Grants Boehringer Ingelheim a license to develop ADCs using its proprietary platform.
• Provides manufacturing support for ADC components.
• Boehringer Ingelheim:
• Leads research, development, and commercialization of ADC products.
• Leverages its oncology expertise to develop novel, first-in-class cancer treatments.

Financial Terms

• Upfront Payment: Undisclosed amount paid to Synaffix.
• Milestone Payments: Up to $1.3 billion based on development, regulatory, and commercial achievements.
• Royalties: Synaffix to receive royalties on net sales of commercialized ADC products.

Regulatory Approval

• Boehringer Ingelheim will lead regulatory submissions for clinical trials and market approvals of the ADCs.

Overall Summary

Boehringer Ingelheim and Synaffix have entered into a licensing agreement for the development of multiple ADC programs using Synaffix’s GlycoConnect™, HydraSpace®, and toxSYN® technologies. Under the agreement, Boehringer will nominate multiple tumor targets, starting with an initial target selected at signing, and NBE Therapeutics will oversee development and commercialization. Synaffix will receive an upfront payment, up to $1.3 billion in milestone payments, and royalties on net sales. This collaboration expands Boehringer’s ADC pipeline and reinforces Synaffix’s position as a leader in ADC technology licensing.

Key Deal Terms Summary

1. Agreement Overview

• Parties: Rznomics Inc. and Eli Lilly and Company
• Deal Type: Global research collaboration and licensing agreement
• Focus: Development of RNA-editing therapeutics using Rznomics’ trans-splicing ribozyme platform
• Therapeutic Area: Sensorineural hearing loss (inherited form)

• Responsibilities:

• Rznomics: Early-stage research under jointly approved plans

• Lilly: Assumes responsibility for development, regulatory approval, and commercialization

2. Financial Terms

• Total Deal Value: Over USD 1.3 billion (if all milestones and options are exercised)
• Upfront Payment: Not disclosed
• Milestone Payments: Included in the USD 1.3 billion+ figure
• Royalties: Separate royalties on global product sales (exact rates not disclosed)

3. Development & Commercialization Plans

• Platform: Rznomics’ trans-splicing ribozyme RNA-editing technology
• Scope: Precision RNA therapeutics targeting inherited hearing loss
• Pipeline Expansion: Potential for broader applicability across multiple therapeutic areas

4. Strategic Impact

• For Rznomics:

• Validates the potential of its RNA-editing platform for commercial applications

• Expands its global footprint through a major pharmaceutical partnership

• For Lilly:

• Advances its RNA therapeutics strategy

• Gains access to a novel modality to address high unmet needs in hearing loss

Overall Summary

Rznomics has entered into a global research and licensing agreement with Eli Lilly focused on developing RNA-editing therapeutics for inherited sensorineural hearing loss using Rznomics’ proprietary trans-splicing ribozyme platform. The collaboration could yield over USD 1.3 billion in total deal value, in addition to royalties on sales, with Lilly taking on downstream development and commercialization. The deal strengthens both companies’ strategic positions in RNA therapeutics and precision genetic medicine.

Key Deal Terms Summary

1. Agreement Overview

• Parties: Bayer and Kumquat Biosciences Inc.
• Type: Exclusive global license and collaboration
• Asset: Kumquat’s KRAS G12D inhibitor
• Indication: Pancreatic, colorectal, and lung cancer
• Stage: IND cleared by FDA (July 2025); Phase Ia study initiation imminent

• Development Responsibility:

• Kumquat: Initiate and complete Phase Ia

• Bayer: Complete global development and commercialization

2. Financial Terms

• Total Deal Value: Up to USD 1.3 billion

• Includes upfront, clinical, and commercial milestones

• Royalties: Tiered royalties based on net sales (exact rates not disclosed)
• Profit-Share Option: Kumquat retains an exclusive option to negotiate for profit-loss sharing in the U.S.

3. Development & Commercialization Plans

• Bayer to integrate the program into its precision oncology pipeline

• KRAS G12D is a high-priority target:

• Found in:

  • 37% of pancreatic ductal adenocarcinoma (PDAC)
  • 13% of colorectal cancers
  • 4% of non-small cell lung cancers
  • Bayer aims to deliver a novel, targeted therapeutic option in high unmet-need indications

4. Strategic Impact

• Strengthens Bayer’s oncology pipeline with a first-in-class KRAS G12D inhibitor
• Validates Kumquat’s proprietary platform and strategic focus on KRAS-driven tumors
• Provides Kumquat with non-dilutive capital to advance its broader clinical pipeline
• Expands Bayer’s presence in early precision oncology through external innovation

Overall Summary

Bayer and Kumquat Biosciences have formed a global exclusive license and collaboration focused on the development and commercialization of a KRAS G12D inhibitor for pancreatic, colorectal, and lung cancers. The agreement grants Bayer global rights after Phase Ia and includes up to USD 1.3 billion in total potential payments, plus tiered royalties. Kumquat retains the option to negotiate for U.S. profit-share participation, while Bayer brings global reach and oncology development expertise. The collaboration marks a major step in advancing precision oncology targeting one of the most prevalent KRAS mutations with limited current treatment options.

Key Deal Terms Summary

1. Agreement Overview

• Parties: Magnet Biomedicine and Eli Lilly and Company
• Scope: Collaboration and license agreement to discover, develop, and commercialize molecular glue therapeutics in oncology
• Technology Involved: Magnet Biomedicine’s TrueGlue™ discovery platform for identifying molecular glue medicines

2. Financial Terms

• Upfront and Near-Term Payments: Up to $40 million, including an equity investment
• Milestone Payments:
• Development, regulatory, and commercial milestone payments totaling over $1.25 billion
• Royalties:
• Tiered royalties on global net sales of any approved products

3. Development & Commercialization Plans

• Magnet will apply its TrueGlue™ discovery platform to identify and optimize novel molecular glues.
• The collaboration will target difficult-to-drug proteins to create breakthrough oncology therapies.
• Lilly will contribute its expertise in small molecule drug development to advance and commercialize successful candidates.

4. Strategic Impact

• Expands Magnet’s platform into high-impact therapeutic areas
• Leverages Lilly’s expertise and commercialization capabilities to bring next-generation molecular glues to patients
• Validates Magnet's rational approach to molecular glue discovery by securing a major industry partner

Overall Summary

Magnet Biomedicine has entered into a strategic collaboration with Eli Lilly to develop novel molecular glue therapeutics for oncology. Under the deal, Magnet will receive up to $40 million in upfront, near-term payments, and an equity investment, with over $1.25 billion in potential milestone payments, plus tiered royalties on global net sales. The agreement combines Magnet’s TrueGlue™ platform with Lilly’s expertise in small molecule drug development, aiming to address difficult-to-drug cancer targets with innovative molecular glue medicines.

ArriVent BioPharma & Lepu Biopharma Exclusive License Agreement for MRG007

Parties Involved

• ArriVent BioPharma
• Lepu Biopharma

Collaboration Scope

ArriVent BioPharma has obtained exclusive global rights outside of Greater China to develop, manufacture, and commercialize MRG007, a novel antibody-drug conjugate (ADC) in development for gastrointestinal (GI) cancers. The first Investigational New Drug (IND) submission is planned for the first half of 2025.

Rights & Responsibilities

• ArriVent BioPharma: Responsible for the development, manufacturing, and commercialization of MRG007 outside mainland China, Hong Kong, Macau, and Taiwan.
• Lepu Biopharma: Retains exclusive rights within Greater China and will collaborate with ArriVent to advance the development of MRG007.

Financial Terms

• Upfront Payment & Near-Term Milestones: $47 million to Lepu Biopharma.
• Milestone Payments: Up to $1.16 billion in development, regulatory, and sales milestones.
• Royalties: Tiered royalties on net sales outside of Greater China.

Regulatory Approval

• The first IND submission for MRG007 is planned for 1H 2025.
• The initial clinical development focus will be colorectal cancer (CRC), pancreatic cancer, and other GI cancers.

Overall Summary

ArriVent BioPharma has entered into an exclusive global licensing agreement (excluding Greater China) with Lepu Biopharma for MRG007, a next-generation ADC targeting GI cancers. This collaboration strengthens ArriVent’s ADC pipeline and accelerates clinical development. Lepu Biopharma will receive $47 million upfront and near-term milestones, with potential total payments reaching $1.16 billion plus tiered royalties. The first IND submission is expected in 1H 2025, with initial clinical focus on CRC, pancreatic, and other GI cancers.

Parties Involved

• Avenzo Therapeutics, Inc. – A clinical-stage biotechnology company focused on next-generation oncology therapies.
• Duality Biotherapeutics – A clinical-stage biotech company specializing in antibody-drug conjugates (ADCs) for cancer and autoimmune diseases.

Collaboration Scope

• Avenzo will receive an exclusive global license (excluding Greater China) to develop, manufacture, and commercialize AVZO-1418/DB-1418, an EGFR/HER3 bispecific ADC for solid tumors, including non-small cell lung cancer, breast cancer, and head and neck cancer.
• DualityBio retains rights in Greater China and will continue supporting the development of the ADC.
• IND-enabling studies are ongoing, with plans to initiate a first-in-human clinical trial this year.

Rights & Responsibilities

• Avenzo Therapeutics:
• Responsible for global clinical development, manufacturing, and commercialization of AVZO-1418/DB-1418 outside of Greater China.
• Will collaborate with DualityBio to accelerate development and initiate clinical trials.
• Duality Biotherapeutics:
• Will receive milestone payments and royalties.
• Will continue to support preclinical and clinical development efforts.

Financial Terms

• DualityBio will receive a $50 million upfront payment.
• DualityBio is eligible for up to $1.15 billion in development, regulatory, and commercial milestone payments.
• Tiered royalties on net sales in Avenzo’s territory.

Regulatory Approval

• Avenzo will be responsible for regulatory submissions and approvals outside of Greater China.
• The first-in-human clinical study is expected to begin this year.

Overall Summary

Avenzo Therapeutics has entered into an exclusive global license agreement (excluding Greater China) with DualityBio for AVZO-1418/DB-1418, an EGFR/HER3 bispecific ADC targeting various solid tumors. Avenzo will oversee global development, manufacturing, and commercialization, while DualityBio will receive upfront, milestone, and royalty payments. The first-in-human trial is expected to begin this year, aiming to establish AVZO-1418/DB-1418 as a best-in-class ADC therapy.

Key Deal Terms Summary

AbbVie – Gilgamesh Pharmaceuticals: Acquisition of Bretisilocin (GM-2505)(August 25, 2025)

1. Agreement Overview

• Parties: AbbVie and Gilgamesh Pharmaceuticals
• Structure: Asset acquisition agreement
• Asset: Bretisilocin (GM-2505), a novel psychedelic compound
• Indication: Major depressive disorder (MDD)
• Stage: Phase 2 clinical development
• Mechanism: Short-acting 5-HT2A receptor agonist and 5-HT releaser
• Therapeutic Advantage: Designed to retain extended antidepressant effect while shortening psychoactive duration

2. Financial Terms

• Total Consideration: Up to USD 1.2 billion

• Upfront Payment: Undisclosed portion

• Development Milestones: Included within the total
• Royalties: Not disclosed

• Spin-Out:

• Gilgamesh will spin off remaining assets and staff into a new company, Gilgamesh Pharma Inc.

• Spin-out will retain:

  • Blixeprodil (GM-1020) – oral NMDA receptor antagonist
  • Cardio-safe ibogaine analog
  • M1/M4 agonist program
  • Existing AbbVie collaboration from 2024
  • The 2024 option-to-license agreement will transfer to Gilgamesh Pharma Inc.

3. Development & Clinical Insights

• Phase 2a Results:

• Dose: 10mg single dose

• Efficacy:

  • -21.6 MADRS point reduction (vs -12.1 with 1mg comparator)
  • p-value = 0.003 (statistically significant)
  • Tolerability: Well tolerated, no serious adverse events
  • Next Step: AbbVie will lead late-stage clinical development and commercialization

4. Strategic Impact

• AbbVie Expansion:

• Deepens AbbVie's neuroscience and psychiatry pipeline

• Addresses critical unmet need in treatment-resistant MDD

• Scientific Positioning:

• Positions bretisilocin as a potential best-in-class psychedelic therapy

• Offers rapid onset, durable effect, and improved tolerability vs traditional agents

• Gilgamesh Focus:

• New entity (Gilgamesh Pharma Inc.) will focus on early-stage psychiatric pipeline

• Maintains strategic partnerships including AbbVie (pre-existing option deal)

Overall Summary

AbbVie has entered into a USD 1.2 billion acquisition agreement for bretisilocin (GM-2505), a next-generation psychedelic compound being developed for major depressive disorder by Gilgamesh Pharmaceuticals. The deal includes upfront and milestone payments, and supports AbbVie’s strategy to expand its psychiatry portfolio with novel compounds targeting serotonin pathways. Positive Phase 2a results demonstrated significant reduction in depressive symptoms after a single dose, with a favorable safety profile. Gilgamesh will spin out its remaining pipeline and staff into Gilgamesh Pharma Inc., which will also retain its broader strategic collaboration with AbbVie.

Key Deal Terms Summary

1. Agreement Overview

• Parties: VectorY Therapeutics and Shape Therapeutics.
• Type: Option and license agreement.
• Scope: VectorY granted an exclusive option to evaluate Shape’s AAV5-derived capsid (SHP-DB1) for vectorized antibody therapies against three neurodegenerative disease targets.
• Upon successful evaluation, VectorY may obtain an exclusive license for these programs.

2. Financial Terms

• Upfront Payment: Shape to receive an undisclosed upfront payment.

• Milestones: Up to USD 1.2 billion total potential fees and milestone payments.

• Rare disease programs: Up to USD 338 million.

• Non-rare disease programs: Up to USD 503.5 million.
• Royalties: Shape eligible for tiered royalties on future sales of licensed products.

3. Development & Commercialization Plans

• VectorY: Responsible for advancing development and commercialization of resulting therapies.
• Shape: Provides access to its engineered SHP-DB1 capsid, which penetrates deep brain regions while avoiding toxicity-prone tissues.

• Programs include:

• VTx-003: Dual-targeting antibody for Huntington’s Disease.

• VTx-005: Vectorized antibody for Alzheimer’s Disease.
• Builds on VectorY’s pipeline, including VTx-002 (ALS, IND/CTA planned by end of 2025).

4. Strategic Impact

• Expands VectorY’s capabilities with non-invasive, IV-delivered vectorized antibodies for major CNS disorders.
• Strengthens Shape’s position as a leading AAV capsid engineering company.
• Provides potential to deliver disease-modifying therapies for conditions like ALS, Huntington’s, and Alzheimer’s disease.

Overall Summary

VectorY and Shape Therapeutics entered an option and license agreement granting VectorY exclusive rights to evaluate and potentially license Shape’s SHP-DB1 AAV5-derived capsid for vectorized antibody therapies in neurodegenerative diseases. The deal includes up to USD 1.2 billion in potential milestone payments and tiered royalties. VectorY will lead development and commercialization, while Shape contributes its deep-brain penetrating capsid technology. This collaboration enhances VectorY’s CNS pipeline and positions both companies at the forefront of next-generation genetic medicine.

Key Deal Terms Summary

1. Agreement Overview

• Parties: Takeda Pharmaceutical Company Limited and Innovent Biologics, Inc.
• Date: October 21, 2025
• Structure: Global License and Collaboration Agreement
• Scope: Takeda obtains rights to develop, manufacture, and commercialize IBI363 and IBI343 worldwide outside Greater China and receives an exclusive option to license IBI3001 (early-stage bispecific ADC).
• Upfront Payment: USD 1.2 billion, including a USD 100 million equity investment in Innovent by Takeda.
• Milestones & Royalties: Innovent eligible for development, regulatory, and commercial milestones plus tiered royalties on ex-Greater China sales.

2. Development and Commercialization Structure

• IBI363 (PD-1/IL-2α-bias bispecific antibody fusion protein):
• Designed to block PD-1/PD-L1 while activating IL-2α-biased T-cell pathways.
• Indications: Non-small cell lung cancer (NSCLC) and microsatellite-stable colorectal cancer (MSS CRC), with potential in other solid tumors.
• Clinical Stage: Late-stage; >1,200 patients treated. FDA Fast Track for unresectable, locally advanced, or metastatic squamous NSCLC post-PD-(L)1 and platinum therapy.
• Co-Development: Global cost share 60/40 (Takeda/Innovent).
• U.S. Co-Commercialization: Profit/loss split 60/40 (Takeda/Innovent); Takeda leads efforts.
• Ex-U.S. (excluding Greater China): Takeda has exclusive commercialization rights and global manufacturing rights outside Greater China (co-exclusive with Innovent for U.S. commercial supply).

• Next Steps: Global Phase 3 in second-line sqNSCLC expected to begin soon; expansion into additional indications planned.

• IBI343 (Claudin 18.2-targeting antibody-drug conjugate):

• Combines anti-Claudin 18.2 antibody with exatecan (topoisomerase I inhibitor payload).
• Indications: Gastric and pancreatic cancers; >340 patients treated.
• Clinical Stage: Ongoing Phase 3 in gastric cancer (Japan/China) and completed global Phase 1/2 in pancreatic cancer.
• Regulatory Status: FDA Fast Track for advanced unresectable or metastatic pancreatic ductal adenocarcinoma (PDAC).

• Rights: Takeda obtains exclusive global rights (ex-Greater China) to develop, manufacture, and commercialize.

• IBI3001 (EGFR×B7H3 bispecific ADC – option program):

• Early-stage investigational ADC; ongoing Phase 1 in advanced solid tumors (U.S., China, Australia).
• Option Terms: Takeda may exercise global (ex-Greater China) rights; Innovent eligible for option fee, milestones, and royalties upon exercise.

3. Financial and Structural Terms

• Upfront Payment: USD 1.2 billion (includes USD 100 million equity investment).
• Cost Sharing: For IBI363, 60/40 split (Takeda/Innovent).
• Profit Split (U.S. only): IBI363 60/40 (Takeda/Innovent).
• Milestones & Royalties:
• Innovent eligible for undisclosed milestone payments tied to development, regulatory, and commercial achievements.
• Tiered royalties payable on ex-Greater China net sales.
• Option Fee: Payable to Innovent if Takeda exercises its rights to IBI3001.
• Manufacturing: Takeda intends to establish U.S. manufacturing for these medicines; retains global supply rights outside Greater China.

4. Strategic Impact

• Takeda:
• Gains two late-stage oncology programs with potential first- or best-in-class profiles.
• Strengthens its solid tumor portfolio (NSCLC, MSS CRC, gastric, and pancreatic cancers).
• Supports growth beyond 2030 and expands U.S. manufacturing capability.
• Innovent:
• Secures USD 1.2 billion upfront, near-term liquidity, and long-term upside via milestones and royalties.
• Retains U.S. co-commercialization opportunity for IBI363 and a future option value for IBI3001.
• Reinforces its role as a global innovator in bispecific and ADC oncology therapeutics.

Overall Summary

Takeda and Innovent Biologics have entered a global license and collaboration agreement granting Takeda rights to IBI363 and IBI343 outside Greater China and an option for IBI3001. The deal includes a USD 1.2 billion upfront (with USD 100 million equity), milestones, royalties, and U.S. co-commercialization for IBI363 under a 60/40 profit split. Takeda gains strategic oncology assets in NSCLC, colorectal, gastric, and pancreatic cancers, while Innovent receives substantial capital and retains U.S. and option upside. The partnership aligns both companies’ ambitions to accelerate next-generation immuno-oncology and ADC therapies globally.

Key Deal Terms Summary

1. Agreement Overview

• Companies Involved: Radiance Biopharma and CSPC Megalith Biopharmaceutical (a subsidiary of CSPC Pharmaceutical Group)
• Deal Type: Exclusive licensing agreement
• Objective: Development and commercialization of RB-164 (SYS6005), a ROR-1 targeted antibody-drug conjugate (ADC)
• Territorial Rights:
• Radiance: Exclusive commercialization rights in USA, Canada, EU, UK, Switzerland, Norway, Iceland, Liechtenstein, Albania, Montenegro, North Macedonia, Serbia, and Australia
• CSPC: Retains rights for China and the rest of the world

2. Financial Terms

• Upfront Payment: $15 million to CSPC
• Development & Regulatory Milestones: Up to $150 million
• Commercial Milestones: Over $1 billion
• Royalties: Tiered royalties based on annual net sales

3. Development & Commercialization Plans

• Current Status:
• RB-164 is in Phase 1 dose escalation trials in China for advanced liquid and solid tumors
• Investigational New Drug (IND) application cleared by China’s NMPA
• Next Steps:
• Radiance and CSPC will jointly file an IND application with the FDA
• Radiance to lead clinical development in the U.S. and licensed territories
• Technology Focus:
• ROR-1 is a validated target in hematological malignancies and solid tumors
• RB-164 employs a novel Fc-silenced monoclonal antibody with high stability and improved pharmacokinetic properties

4. Strategic Impact

• Strengthens Radiance's oncology pipeline by adding a clinical-stage ADC with multiple therapeutic indications
• Expands Radiance’s focus into ROR-1 targeted therapies for high-unmet-need cancer populations
• Positions Radiance as a key player in the ADC space, leveraging the expertise of industry veterans in antibody-based oncology
• Enables CSPC to bring its innovative ADC to global markets via a strategic partnership

Overall Summary

Radiance Biopharma has entered into an exclusive licensing agreement with CSPC Megalith Biopharmaceutical to develop and commercialize RB-164 (SYS6005), a ROR-1 targeted ADC. The deal grants Radiance commercialization rights across the U.S., Canada, Europe, and Australia, while CSPC retains rights for China and other global markets. Radiance will pay $15 million upfront, up to $150 million in regulatory milestones, and over $1 billion in commercial milestones, with tiered royalties based on net sales. RB-164 is currently in Phase 1 clinical trials in China, and Radiance will lead clinical development in its licensed territories, aiming to advance a best-in-class ADC therapy for hematological and solid tumor malignancies.

Key Deal Terms Summary

1. Agreement Overview

• Parties: Radiance Biopharma (Boston) and Novatim Immune Therapeutics (China).
• Asset: KY-0301, a bispecific nano antibody-drug conjugate (ADC), recoded by Radiance as RB-601.
• Territory: Radiance obtains exclusive overseas rights (outside China).
• Indications: Potential applications in non-small cell lung cancer, colorectal cancer, head & neck squamous cell carcinoma, and other solid tumors.

2. Financial Terms

• Upfront Payment: USD 15 million.
• R\&D and Regulatory Milestones: Up to USD 150 million.
• Commercial Milestones: Up to USD 1 billion.
• Royalties: Tiered royalties payable to Novatim (specific rates not disclosed).
• Total Potential Value: Over USD 1.165 billion plus royalties.

3. Development & Commercialization Plans

• Regulatory status: KY-0301 received FDA IND approval in 2024; currently in Phase 1 dose-escalation trial in China.
• Radiance: Will launch a global, multicenter clinical trial to advance RB-601.
• Technology advantage: Nano-ADC format designed for improved tumor penetration, enhanced activity, and superior safety compared to conventional ADCs.

4. Strategic Impact

• Pipeline expansion: Strengthens Radiance’s ADC portfolio, adding to its existing ROR1-targeted ADC acquired from CSPC Megalith Biopharma in February 2025.
• Competitive positioning: Entry into the next-gen ADC space with potential differentiation versus other bispecific ADCs.
• Leadership: Radiance co-founder Marc Lippman, M.D., brings credibility as a founding board member of Seagen (acquired by Pfizer for USD 43 billion).

Overall Summary

Radiance Biopharma has secured exclusive ex-China rights to Novatim’s KY-0301 (RB-601) in a deal worth over USD 1.165 billion plus royalties, including USD 15 million upfront. The asset, a bispecific nano ADC, is positioned as a next-generation therapy with superior tumor penetration and safety profile. With FDA IND clearance and ongoing Phase 1 trials in China, Radiance plans to initiate a global clinical program. This move significantly strengthens Radiance’s oncology pipeline and reinforces its strategy to become a leader in advanced ADC therapies.

Key Deal Terms Summary

1. Agreement Overview

• Parties: Dx\&Vx (South Korea) and an undisclosed U.S.-based biotech company.
• Type: Co-development and global license agreement.
• Asset: Dx\&Vx’s proprietary mRNA-based cancer vaccine.
• Scope: Exclusive global rights granted to the partner company for development and commercialization.
• Structure: Dx\&Vx retains responsibility for R\&D, including preclinical through Phase 3 and manufacturing; the partner handles global regulatory approvals and sales.

2. Financial Terms

• Total Deal Value: Approx. USD 220 million in development milestones.
• Post-Commercialization Milestones: Additional payments exceeding 10% of cumulative sales over 15+ years, potentially exceeding USD 940 million in revenue.
• Revenue Sharing: Structured separately and confidential; includes sales-based milestone payments.
• Terms of Payment: Other financial terms remain confidential by mutual agreement.

3. Development & Commercialization Plans

• Dx\&Vx will lead all R\&D activities, including:

• Preclinical studies

• Phase 1–3 clinical trials
• Production

• Partner company will handle:

• Global regulatory approvals

• Commercialization activities
• Partnership follows initial meetings at the 2025 JP Morgan Healthcare Conference and Biotech Showcase.

4. Strategic Impact

• First global out-licensing deal for Dx\&Vx since its founding.
• Provides validation of Dx\&Vx’s mRNA platform and cancer pipeline.
• Strengthens Dx\&Vx’s global reputation and positioning in oncology.

• Expected to boost additional out-licensing opportunities for other assets, including:

• Long-term ambient storage mRNA vaccine platform

• Oral anti-obesity therapeutic
• Peptide-based cancer vaccine (OVM-200)
• Partner’s strengths: Expertise in RNA-based drug development and platform technologies.

Overall Summary

Dx\&Vx has signed its inaugural global licensing deal with a U.S. biotech for its proprietary mRNA-based cancer vaccine, in a transaction valued at USD 220 million in development milestones, plus future sales-based milestone payments expected to surpass USD 940 million. Under the agreement, Dx\&Vx will lead clinical development and production, while the partner company handles regulatory approval and global sales. The deal, which was facilitated after meetings at the JP Morgan Healthcare Conference, marks a significant commercial milestone for Dx\&Vx and positions the company for further out-licensing of its pipeline.

Key Deal Terms Summary

1. Agreement Overview

• Parties: Jiangsu Hengrui Pharmaceuticals Co., Ltd. (Licensor) and Glenmark Specialty S.A. (Licensee).
• Licensed Product: Trastuzumab Rezetecan (SHR-A1811), a HER2-targeted ADC developed by Hengrui.
• Territory: Exclusive rights granted to Glenmark Specialty worldwide, excluding Mainland China, Hong Kong SAR, Macao SAR, Taiwan Region, USA, Canada, Europe, Japan, Russia, and several CIS countries (Armenia, Azerbaijan, Belarus, Kazakhstan, Kyrgyzstan, Moldova, Tajikistan, Turkmenistan, Uzbekistan).
• Governance: A Joint Product Development and Commercialization Committee will be established, with equal representation from both companies.
• Duration: Effective upon signing, valid until expiration of the royalty term unless terminated earlier or renewed.
• Governing Law: Singapore.

2. Financial Terms

• Upfront Payment: USD 18 million payable by Glenmark Specialty to Hengrui.
• Milestone Payments: Up to USD 1.093 billion in regulatory and commercial milestones.
• Royalties: Glenmark will pay Hengrui tiered royalties based on net sales of Trastuzumab Rezetecan in the licensed territories.

3. Development & Commercialization Plans

• Hengrui and Glenmark will coordinate through the joint committee to align global development and commercialization strategies.
• Glenmark gains responsibility for development and commercialization across its licensed regions, leveraging its global infrastructure and oncology expertise.
• Excluded territories remain with Hengrui for independent commercialization or partnerships.

4. Strategic Impact

• Expands international market reach for Hengrui’s first domestically developed HER2-targeted ADC, already approved in China for HER2-mutant NSCLC.
• Strengthens Hengrui’s global innovation brand and accelerates overseas commercialization.
• Glenmark broadens its oncology pipeline with a first-in-class ADC asset covering multiple indications (NSCLC, breast cancer, gastric/GEJ adenocarcinoma, colorectal cancer, biliary tract cancer, gynecologic malignancies).
• Aligns with Hengrui’s dual strategy of independent R&D and open collaboration to maximize product value globally.

Overall Summary

Jiangsu Hengrui Pharmaceuticals has licensed Trastuzumab Rezetecan, its HER2-targeted ADC, to Glenmark Specialty for territories outside China and key developed markets (US, EU, Japan). The deal includes an USD 18 million upfront, up to USD 1.093 billion in milestones, and ongoing sales royalties. This agreement significantly boosts Hengrui’s global presence while providing Glenmark with an innovative oncology asset to expand its specialty portfolio.

Key Deal Terms Summary

1. Agreement Overview

• Parties: Hengrui Pharma and Braveheart Bio
• Asset: HRS-1893, a selective cardiac myosin inhibitor
• Stage: Phase 3 in China for obstructive hypertrophic cardiomyopathy (oHCM)
• Rights Granted: Braveheart receives exclusive global rights to develop, manufacture, and commercialize HRS-1893 outside of Mainland China, Hong Kong SAR, Macao SAR, and Taiwan Region.

2. Financial Terms

• Upfront Payment: USD 65 million (USD 32.5M cash + USD 32.5M Braveheart shares)
• Near-Term Payment: up to USD 10 million upon technology transfer completion
• Total Initial Consideration: USD 75 million
• Milestones: Up to USD 1.013 billion in development and commercial milestone payments
• Royalties: Tiered royalties on net sales (undisclosed rates)

3. Development & Commercialization Plans

• Braveheart to advance HRS-1893 in late-stage global clinical development.
• Phase 1 data presented at ESC 2025 supported advancement into Phase 3.
• Hengrui continues domestic development in China while Braveheart focuses on global rights.

4. Strategic Impact

• Marks Hengrui’s second NewCo-driven out-licensing deal in less than 18 months, following its USD 6B GLP-1 portfolio deal in 2024.
• Expands Hengrui’s cardiovascular innovation footprint globally.
• Provides Braveheart Bio, a newly launched cardiovascular biotech backed by Forbion and OrbiMed, with a potential best-in-class therapy in a large unmet need market.

Overall Summary

Hengrui Pharma has partnered with Braveheart Bio in an exclusive global licensing deal for HRS-1893, outside Greater China. The agreement includes USD 75 million upfront and near-term payments, potential USD 1.013 billion in milestones, and royalties. This deal underscores Hengrui’s global licensing momentum and provides Braveheart with a late-stage asset targeting oHCM, a serious unmet medical need.

Key Deal Terms Summary

1. Agreement Overview

Parties: Rani Therapeutics Holdings, Inc. and Chugai Pharmaceutical Co., Ltd.
Structure: Collaboration and License Agreement
Focus: Development and commercialization of an oral biologic therapy combining Rani’s RaniPill® oral delivery platform with Chugai’s rare disease antibody.
Date: October 17, 2025
Therapeutic Areas: Rare diseases and immunologic disorders.

2. Financial Terms

• Total Potential Deal Value: Up to USD 1.085 billion (if all options are exercised).
• Initial Target Agreement:
• Upfront Payment: USD 10 million to Rani.
• Technology Transfer & Development Milestones: Up to USD 75 million.
• Sales Milestones: Up to USD 100 million, contingent on commercial performance.
• Royalties: Single-digit royalties on net sales.
• Expansion Option:
• Chugai may extend the collaboration to up to 5 additional drug targets under similar terms, bringing total potential deal value to USD 1.085 billion.

3. Collaboration Framework

• Rani’s Role:
• Provides its RaniPill® capsule technology, a proprietary oral delivery platform designed to replace injections or infusions of biologics.
• Will lead technology transfer and early development integration activities.
• Chugai’s Role:
• Contributes its antibody engineering expertise and oversees global development and commercialization.
• Aims to expand its antibody portfolio into patient-friendly oral biologic formulations.
• Strategic Focus:
• The partnership targets conversion of injectable biologics into oral forms for improved patient adherence and convenience.

4. Strategic and Financial Impact

• For Rani Therapeutics:
• Validates the RaniPill® platform through partnership with a top-tier global pharma company.
• Provides immediate and potential long-term non-dilutive funding through upfront, milestone, and royalty payments.
• Enhances its financial position alongside a USD 60.3 million private placement led by Samsara BioCapital and RA Capital, extending operational runway into 2028.
• For Chugai Pharmaceutical:
• Expands into oral biologics, leveraging Rani’s delivery system to improve accessibility for complex biologics.
• Strengthens its rare disease and immunology pipeline with potential new drug formulations that reduce treatment burden.
• Scientific Significance:
• Represents a first-of-its-kind collaboration combining antibody engineering and oral delivery innovation, potentially transforming patient experience in chronic and rare disease management.

Overall Summary

Rani Therapeutics and Chugai Pharmaceutical have signed a Collaboration and License Agreement to co-develop oral biologic therapies using the RaniPill® platform with Chugai’s rare disease antibody. The deal includes USD 10 million upfront, up to USD 75 million in development milestones, USD 100 million in sales milestones, and single-digit royalties. Chugai retains options for up to five additional drug targets, raising total potential deal value to USD 1.085 billion. The partnership combines Rani’s novel oral delivery technology with Chugai’s biologic expertise, aiming to create patient-friendly oral alternatives to injectable treatments in rare and immunologic diseases. Concurrently, Rani announced a USD 60.3 million private placement to fund operations into 2028.

Parties Involved

• Innovent Biologics, Inc. – A leading biopharmaceutical company focused on developing, manufacturing, and commercializing innovative therapies for oncology and other major diseases.
• Roche – A global pharmaceutical and diagnostics company with expertise in oncology and antibody-drug conjugates (ADCs).

Collaboration Scope

• Innovent grants Roche exclusive global rights to develop, manufacture, and commercialize IBI3009, a DLL3-targeted ADC for small cell lung cancer (SCLC) and other neuroendocrine tumors.
• Innovent and Roche will jointly focus on early-stage development, with Roche assuming full responsibility for further clinical development, regulatory submissions, and commercialization.

Rights & Responsibilities

• Innovent Biologics
• Develops IBI3009 through early-stage clinical development.
• Provides Roche with global exclusive rights to the asset.
• Continues to benefit through milestone payments and royalties.
• Roche
• Assumes full development, regulatory, and commercialization responsibilities post-early-stage trials.
• Leverages its global ADC expertise and oncology network to bring IBI3009 to market.

Financial Terms

• Upfront Payment: $80 million to Innovent.
• Milestone Payments: Up to $1 billion based on development and commercial success.
• Royalties: Tiered royalties on net sales of IBI3009.

Regulatory Approval

• IND approvals secured in Australia, China, and the U.S.
• First patient dosed in December 2024 in an ongoing Phase 1 study.
• Roche will lead future regulatory filings and market approvals globally.

Overall Summary

Innovent has granted Roche exclusive global rights to develop, manufacture, and commercialize IBI3009, a DLL3-targeted ADC for small cell lung cancer and neuroendocrine tumors. The agreement provides Innovent with an upfront payment of $80 million, potential milestone payments of up to $1 billion, and tiered royalties on future net sales. Roche will assume full late-stage development and commercialization responsibilities, leveraging its expertise in ADCs and oncology drug development.

Parties Involved

• Orna Therapeutics (via ReNAgade Therapeutics Inc.) – Specializes in circular RNA (oRNA®) therapeutics and lipid nanoparticle (LNP) delivery systems.
• Vertex Pharmaceuticals – A leader in gene editing therapies, particularly for hemoglobinopathies like Sickle Cell Disease (SCD) and Transfusion-Dependent Beta Thalassemia (TDT).

Collaboration Scope

• Three-year strategic research collaboration focusing on in vivo gene editing therapies for SCD and TDT.
• Vertex will utilize Orna’s proprietary LNP delivery platform to enhance the delivery of its gene editing therapies to hematopoietic stem cells (HSCs).
• Potential for expansion beyond SCD/TDT, with additional option rights for up to ten additional products.

Rights & Responsibilities

• Orna Therapeutics:
• Provides its non-viral LNP delivery platform to optimize gene therapy targeting hematopoietic stem cells.
• Conducts initial research activities under the collaboration.
• Vertex Pharmaceuticals:
• Leads the development, regulatory, and commercialization efforts.
• Holds an option to extend the research collaboration term.
• Can expand the agreement to include additional indications.

Financial Terms

• $65 million upfront payment, including a convertible note investment.
• Up to $635 million in milestone payments for SCD/TDT-related products.
• Potential for up to $365 million per product for up to ten additional products if Vertex expands its rights.
• Tiered royalties on future net sales of any approved products.

Regulatory Approval

• Any resulting therapies from this collaboration would be subject to preclinical, clinical, and regulatory approvals for gene editing in hematopoietic stem cells.
• Vertex’s regulatory expertise in gene editing therapies will play a crucial role in advancing potential products to market.

Overall Summary

Orna Therapeutics and Vertex Pharmaceuticals have entered a three-year strategic research collaboration to develop next-generation gene editing therapies for Sickle Cell Disease (SCD) and Transfusion-Dependent Beta Thalassemia (TDT). Vertex will leverage Orna’s LNP delivery technology to enhance in vivo gene editing approaches targeting hematopoietic stem cells. Orna will receive $65 million upfront, with up to $635 million in milestone payments, plus tiered royalties on future sales. The agreement also includes the potential for up to ten additional products, with milestone payments of up to $365 million per product if Vertex expands its rights.

Key Deal Terms Summary

1. Agreement Overview

• Parties: Matchpoint Therapeutics and Novartis
• Structure: Exclusive option and license agreement
• Focus: Development and commercialization of oral covalent inhibitors targeting a transcription factor implicated in multiple inflammatory diseases
• Scope: Global rights for development and commercialization upon option exercise
• Current Stage: Preclinical; Matchpoint to lead through development candidate selection

2. Financial Terms

• Upfront & Research Funding: Up to USD 60 million
• Milestone Payments: Up to USD 1 billion in development and commercial milestones
• Royalties: Tiered royalties on future product sales
• Option Fee: Included in total potential payments upon Novartis exercising its exclusive license option

3. Development & Commercialization Plans

• Matchpoint Responsibilities:

• Utilize its ACE™ (Advanced Covalent Exploration) platform

• Lead research through development candidate selection

• Novartis Responsibilities (upon option exercise):

• Full global development and commercialization of resulting product(s)

• Leverage its immunology research and commercial infrastructure

4. Strategic Impact

• For Matchpoint:

• Validates its covalent chemistry platform

• Gains access to Novartis' global development and commercialization reach

• For Novartis:

• Enhances its pipeline of innovative therapies for inflammatory and autoimmune diseases

• Gains opportunity to address historically undruggable targets

Overall Summary

Matchpoint Therapeutics entered into an exclusive option and license agreement with Novartis to develop and commercialize oral covalent inhibitors for inflammatory diseases. Matchpoint will receive up to USD 60 million in upfront and research funding, with potential for up to USD 1 billion in milestone payments plus tiered royalties. Matchpoint leads early research, while Novartis will gain global rights if it exercises its option.

Key Deal Terms Summary

1. Agreement Overview

• Parties: Biogen Inc. and Vanqua Bio
• Date: October 24, 2025
• Type: Exclusive Worldwide License Agreement
• Asset: Oral C5aR1 antagonist (preclinical small molecule)
• Therapeutic Area: Immunology – targeting neutrophil-driven inflammation underlying a range of inflammatory and immune-mediated diseases.
• Stage: Preclinical, with an IND filing expected in 2027.
• Scope: Grants Biogen exclusive global rights to develop, manufacture, and commercialize the program.

2. Financial Terms

• Upfront Payment: USD 70 million payable to Vanqua Bio upon signing.
• Milestone Payments:
• Up to USD 990 million in potential development, regulatory, commercial, and sales milestones.
• Total Deal Value: Up to USD 1.06 billion (including upfront and milestone payments).
• Royalties: Tiered royalties on global net sales (specific rates undisclosed).
• Accounting Treatment: The upfront payment will be recorded by Biogen as an Acquired In-Process R&D expense in Q4 2025.

3. Strategic Rationale

• For Biogen:
• Expands Biogen’s immunology pipeline with a novel oral complement pathway inhibitor targeting C5aR1.
• Enhances its portfolio with an innate immunity mechanism complementing existing adaptive immune assets.
• Aligns with Biogen’s strategic focus on immune system modulation in diseases with neutrophil-mediated inflammation.
• Advances Biogen’s goal to diversify beyond neurology into broader immunology and inflammation markets.
• For Vanqua Bio:
• Validates its small molecule discovery platform and provides non-dilutive capital to advance its CNS and neurodegeneration pipeline.
• Ensures development and commercialization of the C5aR1 program through Biogen’s global infrastructure and resources.

4. Executive Commentary

• Jane Grogan, Ph.D., EVP & Head of Research, Biogen:
• “This agreement reflects our strong commitment to building a comprehensive immunology pipeline... C5aR1 is a well-validated target involved in neutrophil-mediated inflammation.”
• Jim Sullivan, Ph.D., CEO, Vanqua Bio:
• “Biogen’s scale and capabilities make them uniquely positioned to advance this compound... This transaction allows Vanqua to focus on our CNS pipeline while ensuring this program reaches its full potential.”

Overall Summary

Biogen Inc. has entered into an exclusive worldwide license agreement with Vanqua Bio for a preclinical oral C5aR1 antagonist designed to modulate neutrophil-driven inflammation. The deal includes an upfront payment of USD 70 million, up to USD 990 million in milestone payments, and tiered royalties on global sales, for a total potential value of USD 1.06 billion. The agreement strengthens Biogen’s immunology franchise by adding a novel oral mechanism targeting a validated inflammatory pathway, while enabling Vanqua to refocus on its CNS drug discovery programs. An IND filing is anticipated in 2027, marking a strategic move by Biogen to deepen its engagement in immune-mediated and inflammatory diseases.

Key Deal Terms Summary

1. Agreement Overview

• Simcere Zaiming (subsidiary of Simcere Pharmaceutical Group) entered into an option-to-license agreement with AbbVie.
• The collaboration centers on SIM0500, a humanized trispecific antibody targeting GPRC5D, BCMA, and CD3.
• SIM0500 is in Phase 1 clinical trials for relapsed/refractory multiple myeloma in both China and the U.S.
• Developed on Simcere’s T-cell engager polyspecific antibody technology platform, SIM0500 is designed to enhance T-cell cytotoxicity through combined antitumor mechanisms.

2. Financial Terms

• Upfront Payment: Simcere Zaiming will receive an undisclosed upfront payment from AbbVie.
• Milestone & Option Fees: Simcere is eligible to receive up to USD 1.055 billion in option fees and milestone payments.

• Royalties:

• Simcere Zaiming is eligible for tiered royalties on net sales outside Greater China.

• AbbVie is eligible for tiered royalties on net sales within Greater China.

3. Development & Commercialization Plans

• Clinical Development: Ongoing Phase 1 studies in China and the U.S. will assess safety and efficacy in multiple myeloma patients.
• License Option: AbbVie may exercise its option to globally develop and commercialize SIM0500 outside Greater China.

• Territorial Rights:

• Simcere retains rights in Greater China.

• AbbVie has potential rights to develop and market SIM0500 in other global markets.
• Collaboration leverages AbbVie’s hematology expertise and global commercialization network with Simcere’s antibody discovery and development platform.

4. Strategic Impact

• Strengthens AbbVie’s hematologic oncology pipeline with a first-in-class trispecific antibody in multiple myeloma.
• Expands Simcere’s global reach by aligning with a leading multinational partner while retaining Greater China commercialization rights.
• Demonstrates the potential of trispecific T-cell engager technology to address unmet needs in relapsed/refractory multiple myeloma.
• Positions both companies to accelerate development of transformative therapies in hematologic malignancies.

Overall Summary

Simcere Zaiming and AbbVie signed an option-to-license partnership for SIM0500, a Phase 1 trispecific antibody candidate for multiple myeloma. Financial terms include an undisclosed upfront payment, up to USD 1.055 billion in option fees and milestones, and tiered royalties split by territory. Simcere retains Greater China rights, while AbbVie gains potential global development and commercialization rights. The deal combines AbbVie’s expertise in hematology with Simcere’s proprietary T-cell engager technology, advancing an innovative therapeutic approach for patients with relapsed or refractory multiple myeloma.

Biogen and City Therapeutics Announce Strategic Research Collaboration to Develop Select Novel RNAi-based Therapies

Key Deal Terms Summary

1. Agreement Overview

• Biogen and City Therapeutics enter a strategic research collaboration to develop novel RNAi therapies.
• Collaboration focuses initially on a single CNS target, with potential to expand to a second target.
• Biogen will handle IND-enabling studies, global clinical development, regulatory submissions, and commercialization.

2. Financial Terms

• Upfront Payment: USD \$16 million.
• Equity Investment: USD \$30 million via convertible note (minority equity interest if converted).
• Total Initial Payments: USD \$46 million.
• Milestone Payments: Up to approximately \$1 billion in development and commercial milestones.
• Royalties: Tiered royalties in the high single-digit to low double-digit range on net sales.
• Biogen retains option rights to add one additional target upon additional payment.

3. Development & Commercialization Plans

• City Therapeutics will apply its next-gen RNAi engineering platform to develop RNAi trigger molecules.
• Biogen will combine these with its proprietary tissue-enhanced delivery technologies for systemic administration.
• Biogen to lead all downstream development and commercialization efforts.

4. Strategic Impact

• Expands Biogen’s R\&D toolbox by adding RNAi to its modalities.
• Positions City Therapeutics to advance its RNAi platform through partnership with Biogen’s global capabilities.
• Provides significant non-dilutive funding and growth potential for City Therapeutics.

Overall Summary

Biogen and City Therapeutics have entered a collaboration to co-develop novel RNAi-based therapies for CNS diseases. The agreement provides City Therapeutics with USD \$46 million in upfront and equity payments, up to \$1 billion in potential milestones, and royalties on future sales. Biogen will lead clinical development and commercialization while City Therapeutics contributes its next-generation RNAi technology.

Key Deal Terms Summary

Agreement Overview

• Parties: Oxford BioTherapeutics (OBT) and Roche
• Structure: Strategic multi-year research collaboration
• Focus: Discovery and development of novel antibody-based therapeutics for oncology
• Platform Used: OBT’s OGAP®-Verify discovery platform
• Scope: Identification, validation, and development of first-in-class targets for antibody-based cancer treatments

Financial Terms

• Upfront Payment: Up to $36 million
• Milestone Payments: Potentially exceeding $1 billion based on development and commercial achievements
• Royalties: Tiered royalties on net sales of any commercialized products

Development & Commercialization Plans

• Target Discovery: Conducted using OBT’s OGAP®-Verify platform
• Target Validation: Performed jointly under the research collaboration
• Post-Validation Development: Roche assumes responsibility for preclinical and clinical development, regulatory approval, and global commercialization of products derived from selected targets

Strategic Impact

• For Oxford BioTherapeutics:
• Validates the OGAP®-Verify platform and expands its commercial potential
• Unlocks substantial non-dilutive funding and downstream revenue opportunities

• Enhances its reputation through alignment with a global oncology leader

• For Roche:

• Gains exclusive access to novel cancer targets via OGAP-Verify
• Strengthens its antibody-based oncology pipeline
• Reinforces its leadership in integrating pharma and diagnostics for precision oncology

Overall Summary

Oxford BioTherapeutics has entered a strategic collaboration with Roche to identify and develop first-in-class antibody-based oncology therapeutics using its OGAP®-Verify discovery platform. The agreement includes up to $36 million upfront, over $1 billion in potential milestone payments, and tiered royalties on net sales. Roche will take the lead on post-validation development and commercialization. The collaboration combines OBT’s innovative target discovery capabilities with Roche’s deep clinical and global commercial expertise to accelerate the development of transformative cancer therapies.

Key Deal Terms Summary

Jazz Pharmaceuticals – Saniona: Global License Agreement for SAN2355(August 20, 2025)

1. Agreement Overview

• Parties: Jazz Pharmaceuticals plc and Saniona
• Type: Exclusive global license agreement
• Asset: SAN2355, a preclinical Kv7.2/Kv7.3-selective potassium channel activator
• Indications: Epilepsy (primary), with potential expansion into other neurologic conditions
• Stage: Preclinical, IND-ready

• Responsibilities:

• Jazz: Assumes full responsibility for development, regulatory submissions, and commercialization

• Saniona: Grants exclusive rights and retains milestone and royalty participation

2. Financial Terms

• Upfront Payment: USD 42.5 million

• Development & Regulatory Milestones:

• Up to USD 192.5 million, including

  • USD 7.5 million upon initiation of the first Phase 1 study
  • Commercial Milestones:

• Up to USD 800 million, triggered by pre-specified annual net sales thresholds

• Royalties:

• Tiered royalties ranging from mid-single digits to low-double digits on net sales

3. Development & Commercialization Plans

• Kv7.2/Kv7.3 selectivity offers potential to avoid off-target toxicities seen in prior Kv7 modulators
• SAN2355 is designed to be a best-in-class seizure suppressant with enhanced tolerability
• Jazz aims to rapidly advance SAN2355 into the clinic leveraging its established epilepsy expertise
• First clinical milestone (Phase 1 initiation) expected soon

4. Strategic Impact

• For Jazz:

• Strengthens its early-stage neuroscience pipeline

• Reinforces its position in epilepsy, where it already markets several leading therapies

• Brings in a selective Kv7.2/Kv7.3 asset with strong differentiation potential

• For Saniona:

• Monetizes a preclinical candidate while focusing internal resources on SAN2219 and SAN2465

• Validates Saniona’s ion channel discovery platform
• Receives non-dilutive funding to advance other pipeline assets

Overall Summary

Jazz Pharmaceuticals has acquired exclusive worldwide rights to develop and commercialize SAN2355, a preclinical, selective Kv7.2/Kv7.3 activator from Saniona, targeting epilepsy and possibly broader neurological conditions. The deal includes USD 42.5 million upfront, up to USD 992.5 million in development, regulatory, and commercial milestones, and tiered royalties on net sales. The agreement significantly bolsters Jazz's early-stage epilepsy pipeline and delivers strategic capital and validation for Saniona’s broader CNS-focused portfolio.

Parties Involved

• Light Horse Therapeutics Inc. – A biotechnology company developing first-in-class small molecule therapeutics using advanced discovery and screening platforms.
• Novartis – A global pharmaceutical company with expertise in drug discovery and development.

Collaboration Scope

• Focus: Multi-target discovery collaboration leveraging Light Horse’s genetic screening platform and proprietary chemical libraries to identify and develop novel small molecule therapeutics.
• Target Areas: Primarily focused on oncology, with potential applications in other therapeutic areas.
• Technology: Light Horse’s platform aims to identify novel, high-value targets and functionalize previously undruggable targets.

Rights & Responsibilities

• Light Horse Therapeutics will be responsible for:
• Applying its discovery platform to identify novel drug targets.
• Conducting early-stage research on small molecule therapeutics.
• Novartis will be responsible for:
• Further development and commercialization of any successful drug candidates.
• Driving clinical development and regulatory approval.

Financial Terms

• Upfront Payment: $25 million to Light Horse Therapeutics.
• Milestone Payments: Up to $1 billion in research, development, and sales-based milestones.
• Royalties: Light Horse will receive royalties on net sales of licensed therapeutics.

Overall Summary

Light Horse Therapeutics and Novartis have entered into a multi-target discovery collaboration to develop first-in-class small molecule therapeutics, primarily in oncology. Light Horse will receive a $25 million upfront payment and is eligible for up to $1 billion in milestone payments, along with royalties on licensed products. The partnership aims to leverage Light Horse’s precision genome editing and discovery platform to identify and develop novel, high-value drug targets.

Key Deal Terms Summary

1. Agreement Overview

• Creyon Bio and Eli Lilly and Company (Lilly) have entered into a global research collaboration and licensing agreement.
• The partnership focuses on the discovery, development, and commercialization of novel RNA-targeted oligonucleotide (oligo) therapies for multiple disease targets.
• Creyon will apply its AI-Powered Oligo Engineering Engine to design and optimize drug candidates for Lilly’s designated targets.

2. Financial Terms

• Upfront Payment:

• USD 13 million, consisting of both cash and equity investment in Creyon

• Milestone Payments:

• Creyon is eligible for over USD 1 billion in development and commercial milestone payments

• Licensing Structure:

• Lilly receives an exclusive license to lead candidates for each selected target

• Commercial Responsibility:

• Upon milestone achievement and opt-in, Lilly will assume full responsibility for further development, regulatory submission, and global commercialization

3. Development & Commercialization Plans

• Creyon will leverage quantum chemistry principles and AI design tools to rapidly generate optimized oligo candidates.
• Lilly will have the option to progress successful candidates through preclinical and clinical development stages.
• The therapies are intended for both rare and common diseases, using tissue-specific delivery technologies.

4. Strategic Impact

• Accelerates Lilly’s efforts in RNA-targeted drug development by integrating Creyon’s proprietary AI platform.
• Advances Creyon’s mission to replace trial-and-error-based oligo development with a rational engineering-based approach.
• Strengthens Lilly’s pipeline with access to novel, next-generation oligonucleotide therapeutics across multiple indications.

Overall Summary

Creyon Bio has entered a global licensing and research collaboration with Eli Lilly to develop AI-designed RNA-targeted oligo therapies. Creyon will receive USD 13 million upfront (cash and equity) and is eligible for over USD 1 billion in milestone payments tied to development and commercialization. Lilly gains exclusive rights to lead programs for designated targets and will oversee clinical and commercial execution. The alliance combines Creyon’s proprietary AI-based oligo engineering platform with Lilly’s global development expertise to accelerate the creation of innovative therapies for rare and common diseases.

Key Deal Terms Summary

1. Agreement Overview

Parties: Nabla Bio and Takeda Pharmaceutical Company Limited.
Transaction Type: Multi-year research collaboration focused on AI-driven design of protein therapeutics.
Scope: Builds upon the companies’ first partnership (initiated in 2022), expanding the use of Nabla Bio’s Joint Atomic Model (JAM) generative AI platform across Takeda’s early-stage development programs.
Focus Areas:
- De novo antibody design for multiple targets
- Multispecifics and complex biologics
- Challenging or previously intractable targets
- Custom therapeutic modalities

2. Financial Terms

• Upfront & Research Payments: Double-digit millions (USD) in combined upfront and research cost payments.
• Success-Based Payments: Eligible for milestone and royalty payments that may exceed USD 1 billion in total.
• Duration: Multi-year agreement, with potential extensions based on program success.
• Ownership: Intellectual property from collaborative programs to follow a shared ownership and option structure consistent with prior agreements between the companies.

3. Platform & Collaboration Scope

• Technology Used: Nabla Bio’s JAM (Joint Atomic Model) — a foundation model integrating generative AI with human-relevant wet-lab validation.
• Capabilities:
• Performs de novo protein and antibody design at atomic resolution.
• Generates picomolar binders for difficult target classes, including GPCRs, in zero-shot settings.
• Designs and validates functional antibodies, agonists, multispecifics, and receptor decoys.
• Application in Collaboration:
• Takeda will apply JAM across multiple therapeutic areas to accelerate early discovery and optimize protein leads.
• Integration of Nabla’s direct-to-function testing pipeline for in vitro and in vivo assessment.

4. Strategic Impact

• For Nabla Bio:
• Reinforces its position as a leader in AI-driven biologics design.
• Expands the commercial footprint of its JAM platform across large pharma programs.
• Potential to realize over USD 1 billion in cumulative value from performance-based milestones.
• For Takeda:
• Strengthens its AI-enabled biologics discovery capabilities, particularly in protein engineering and antibody optimization.
• Builds on the success of the first collaboration, accelerating the design of next-generation therapeutics.
• Industry Impact:
• Demonstrates how foundation models and generative AI are transforming drug discovery.
• Represents one of the largest AI-biology collaborations in the biopharma discovery landscape.

Overall Summary

Nabla Bio has entered a second multi-year collaboration with Takeda to deploy its AI-powered JAM platform for the de novo design of protein therapeutics. The deal includes upfront and research funding in the double-digit millions and success-based payments exceeding USD 1 billion. The partnership integrates Nabla’s AI and wet-lab capabilities across Takeda’s early discovery programs, building on their 2022 collaboration. This alliance underscores the growing importance of AI-driven molecular design in accelerating biologic discovery and advancing the next generation of therapeutic proteins.

Key Deal Terms Summary

1. Agreement Overview

• Parties: Lexicon Pharmaceuticals and Novo Nordisk
• Asset: LX9851, a first-in-class, oral non-incretin small molecule targeting obesity and related metabolic disorders
• Scope:
• Exclusive, worldwide license to develop, manufacture, and commercialize LX9851 in all indications
• Lexicon will complete IND-enabling activities
• Novo Nordisk will assume responsibility for IND filing, and all clinical, regulatory, manufacturing, and commercial activities

2. Financial Terms

• Total Deal Value: Up to $1 billion
• Upfront and near-term milestone payments: Up to $75 million
• Potential development, regulatory, and sales milestones: Up to $925 million
• Royalties:
• Tiered royalties on net sales of LX9851 (percentages not disclosed)

3. Development & Commercialization Plans

• Target: ACSL5 (Acyl-CoA Synthetase 5) – involved in fat metabolism and energy regulation
• Mechanism:
• Inhibits fat accumulation
• Activates ileal brake mechanism to enhance satiety by delaying gastric emptying and suppressing appetite
• Indications:
• Primary: Obesity
• Secondary: Associated metabolic disorders, including liver steatosis and metabolic syndrome

4. Strategic Impact

• For Lexicon:
• Unlocks significant non-dilutive capital and de-risks development
• Enhances ability to invest in and expand internal R&D portfolio
• For Novo Nordisk:
• Gains access to novel biology beyond incretin class (e.g., GLP-1)
• Strengthens pipeline in obesity, cardiometabolic and liver-related indications

5. Scientific Highlights

• LX9851 preclinical results (Obesity Week 2024):
• In combination with semaglutide: Enhanced weight loss, reduced food intake and fat mass
• After semaglutide discontinuation: Reduced weight regain, improved liver steatosis

Overall Summary

Lexicon and Novo Nordisk have entered a major global licensing agreement for LX9851, a first-in-class oral ACSL5 inhibitor for obesity and related metabolic disorders. The deal, worth up to $1 billion, provides Lexicon with $75 million upfront and near-term capital, with Novo Nordisk taking over global development and commercialization. The partnership capitalizes on LX9851’s novel non-incretin mechanism, which has shown compelling preclinical synergy with semaglutide and potential for long-term metabolic benefit. The agreement further strengthens Novo Nordisk’s leadership in obesity and metabolic therapeutics.

Key Deal Terms Summary

1. Agreement Overview

• Parties: Boehringer Ingelheim and Re-Vana Therapeutics
• Date: July 28, 2025
• Type: Strategic collaboration and license agreement
• Focus: Development of long-acting, extended-release ophthalmic therapies
• Geography: Global rights granted to Boehringer Ingelheim
• Target Indication: Eye diseases with a focus on reducing injection frequency by enabling 6–12 month drug release

2. Financial Terms

• Deal Size:

• Potential total deal value exceeding USD 1 billion based on milestone achievements

• Structure:

• Covers up to three development programs per year

• Includes upfront, development, regulatory, and commercial milestone payments
• Royalty payments on net sales payable to Re-Vana

3. Development & Commercialization Plans

• Project Scope:

• Up to three projects per year may be initiated under the collaboration

• Includes therapeutic modality diversity

• Responsibilities:

• Joint oversight of feasibility and early development activities at Re-Vana

• Boehringer Ingelheim will lead:

  • Clinical development
  • Regulatory filings
  • Global commercialization

• Technology:

• Re-Vana contributes proprietary extended-release drug delivery platform, designed to support 6–12 month dosing intervals

• Aims to improve patient compliance and clinical outcomes by reducing treatment burden

4. Strategic Impact

• For Boehringer Ingelheim:

• Enhances its retina-preserving pipeline, which includes four assets in Phase II

• Strengthens innovation efforts in eye health, particularly in reducing injection frequency for patients

• Gains target exclusivity and access to a differentiated extended-release platform

• For Re-Vana Therapeutics:

• Marks a transformational milestone and validation of its drug delivery platform

• Gains access to Boehringer Ingelheim’s R\&D infrastructure, global scale, and development capabilities
• Receives financial backing to accelerate its internal and partnered ophthalmic programs

Overall Summary

Boehringer Ingelheim and Re-Vana Therapeutics have entered into a strategic collaboration and license agreement to develop extended-release therapies for eye diseases using Re-Vana’s proprietary technology. The partnership enables up to three programs per year, with Boehringer overseeing clinical development and commercialization. The deal is valued at over USD 1 billion, structured around milestone payments and royalties. This collaboration significantly bolsters Boehringer’s eye health pipeline while accelerating Re-Vana’s vision of delivering long-acting treatments that reduce the burden of frequent eye injections.

Key Deal Terms Summary

1. Agreement Overview

Parties: Dianthus Therapeutics, Inc. (Nasdaq: DNTH) and Nanjing Leads Biolabs Co., Ltd. (HKEX: 9887)
Structure: Exclusive global license agreement granting Dianthus worldwide rights outside Greater China to develop and commercialize DNTH212 (also known as LBL-047).
Asset Description: First and potentially best-in-class bifunctional BDCA2 and BAFF/APRIL inhibitor, targeting both plasmacytoid dendritic cells and B-cell pathways.
Clinical Stage: Phase 1 ready — IND cleared by FDA (September 2025) and China IND expected in Q4 2025.
Indications: Severe autoimmune diseases, including systemic lupus erythematosus and other B-cell mediated disorders.

2. Financial Terms

• Total Deal Value: Up to USD 1.0 billion
• Upfront and near-term payments: USD 30 million
• Additional payment upon Phase 1 initiation: USD 8 million
• Further development, regulatory, and sales milestones: Up to USD 962 million
• Royalties: Tiered mid-single-digit to low double-digit on ex-Greater China net sales.
• Cash Position: ~USD 525 million pro forma post-transaction.
• Cash Runway: Maintained into 2028.
• Territorial Rights:
• Dianthus: Global rights excluding Greater China.
• Leads Biolabs: Retains rights within Greater China.

3. Clinical & Mechanistic Highlights

• Mechanism of Action:
• BDCA2 inhibition: Reduces Type I interferon production from plasmacytoid dendritic cells.
• BAFF/APRIL inhibition: Suppresses B-cell activation and autoantibody production.
• Preclinical Data:
• Superior pDC inhibition versus litifilimab (BDCA2 antibody).
• Greater immunoglobulin suppression versus povetacicept (BAFF/APRIL inhibitor).
• Formulation: Extended half-life fusion protein designed for subcutaneous self-administration every four weeks or less frequently.
• Phase 1 Plan:
• Start: Q4 2025 (China)
• Top-line data: Expected 2H 2026
• Study design: Healthy volunteers (Part A) and lupus patients (Part B).

4. Strategic and Market Impact

• For Dianthus: Expands its autoimmune portfolio beyond claseprubart, positioning it as a leader in dual-pathway biologics.
• For Leads Biolabs: Establishes a global partner for LBL-047 while retaining regional rights and upside.
• Scientific Significance: Dual inhibition of innate (pDC) and adaptive (B-cell) immunity provides a synergistic approach to severe autoimmune diseases.
• Competitive Edge: Preclinical superiority suggests potential first-line biologic positioning in multiple autoimmune indications.

Overall Summary

Dianthus Therapeutics has licensed global rights (ex-Greater China) to DNTH212, a Phase 1-ready bifunctional BDCA2 and BAFF/APRIL inhibitor from Leads Biolabs, in a deal valued up to USD 1.0 billion. The agreement includes USD 38 million upfront and early milestones, with royalties up to the low double digits. DNTH212’s dual mechanism addresses both interferon and B-cell driven autoimmune pathways, showing preclinical superiority to litifilimab and povetacicept. With Phase 1 initiation expected in Q4 2025, Dianthus reinforces its leadership in autoimmune biologics while maintaining a strong financial runway into 2028.

Key Deal Terms Summary

1. Agreement Overview

Parties: Boehringer Ingelheim and AimedBio
Structure: Global collaboration and licensing agreement
Purpose: To develop and commercialize a novel antibody-drug conjugate (ADC) targeting a tumor-selective marker expressed across multiple cancers.
Therapeutic Area: Oncology — broad-spectrum cancers with high unmet medical need.
Clinical Stage: Preclinical; first-in-human studies expected in 2026.

2. Financial Terms

• Total Potential Deal Value: Up to USD 991 million
• Includes upfront payment, development and regulatory milestones, and commercial milestone payments.
• Royalties: AimedBio will receive tiered royalties on net sales of any approved products.

3. Asset and Mechanism

• Therapy Type: Antibody-drug conjugate (ADC)
• Payload: Exatecan derivative, a potent cytotoxic agent.
• Target: A tumor-selective surface protein highly expressed across several cancer types but minimally present in normal tissues.
• Mechanism:
• Combines monoclonal antibody precision with cytotoxic payload potency to selectively eliminate cancer cells.
• Designed to minimize off-target toxicity and improve efficacy.
• Origin: Developed by AimedBio, leveraging its proprietary patient-derived cell (PDC) panning method for target validation and precision antibody selection.

4. Strategic Rationale

• For Boehringer Ingelheim:
• Strengthens its next-generation ADC portfolio, building on the platform from its subsidiary NBE Therapeutics.
• Advances its mission to transform cancer care by broadening access to precision oncology therapies.
• For AimedBio:
• Gains access to Boehringer’s global development and commercialization capabilities, accelerating clinical translation.
• Validates AimedBio’s data-driven ADC development approach integrating clinical and genomic datasets.

5. Development and Commercialization Plan

• Clinical Development:
• Boehringer to lead global clinical trials, beginning with first-in-human studies in 2026.
• Focus on tumors characterized by the target protein’s high expression and therapy resistance.
• Commercialization:
• Boehringer to hold exclusive worldwide rights.
• AimedBio to receive milestone and royalty payments based on global sales.

6. Scientific and Clinical Impact

• Target Potential: Addresses cancers resistant to current treatments by leveraging a novel tumor biomarker.
• ADC Advantages:
• Improved specificity and potency.
• Lower systemic toxicity.
• Potential to overcome tumor heterogeneity and resistance mechanisms.
• Innovation Origin: AimedBio founded in 2018 as a Samsung Medical Center spin-off, emphasizing clinically derived antibody discovery to reduce attrition and enhance translation.

Overall Summary

Boehringer Ingelheim and AimedBio have entered a global collaboration and license agreement to advance a next-generation antibody-drug conjugate (ADC) targeting a tumor-selective surface marker prevalent across multiple cancers. The USD 991 million deal includes upfront, milestone, and royalty payments. The ADC, powered by an exatecan derivative payload, is expected to enter first-in-human trials in 2026 and could become a best-in-class precision therapy for hard-to-treat cancers. The agreement reinforces Boehringer’s commitment to oncology innovation and validates AimedBio’s precision ADC discovery platform.

Parties Involved

• Boehringer Ingelheim – A global biopharmaceutical company focused on human and animal health, with significant investment in oncology research and development.
• Synaffix B.V. (a Lonza company) – A biotechnology company specializing in antibody-drug conjugate (ADC) technology, including GlycoConnect™, HydraSpace®, and toxSYN® platforms.

Collaboration Scope

• Focus: Development of multiple ADC programs leveraging Synaffix’s ADC technology to enhance cancer treatment efficacy while minimizing damage to healthy tissues.
• Technology Utilized:
• GlycoConnect™ – A site-specific conjugation technology.
• HydraSpace® – A linker technology to optimize ADC properties.
• toxSYN® – A cytotoxic payload platform to improve the therapeutic index of ADCs.
• Target Selection:
• Boehringer will nominate multiple tumor targets from its portfolio.
• The first target was nominated at the agreement signing, with additional targets to follow within a predefined timeframe.
• Development and Commercialization Responsibilities:
• Synaffix provides proprietary ADC technologies and manufactures related components.
• Boehringer Ingelheim (via NBE Therapeutics) will lead ADC development and commercialization.

Rights & Responsibilities

• Synaffix:
• Grants Boehringer Ingelheim a license to develop ADCs using its proprietary platform.
• Provides manufacturing support for ADC components.
• Boehringer Ingelheim:
• Leads research, development, and commercialization of ADC products.
• Leverages its oncology expertise to develop novel, first-in-class cancer treatments.

Financial Terms

• Upfront Payment: Undisclosed amount paid to Synaffix.
• Milestone Payments: Up to $1.3 billion based on development, regulatory, and commercial achievements.
• Royalties: Synaffix to receive royalties on net sales of commercialized ADC products.

Regulatory Approval

• Boehringer Ingelheim will lead regulatory submissions for clinical trials and market approvals of the ADCs.

Overall Summary

Boehringer Ingelheim and Synaffix have entered into a licensing agreement for the development of multiple ADC programs using Synaffix’s GlycoConnect™, HydraSpace®, and toxSYN® technologies. Under the agreement, Boehringer will nominate multiple tumor targets, starting with an initial target selected at signing, and NBE Therapeutics will oversee development and commercialization. Synaffix will receive an upfront payment, up to $1.3 billion in milestone payments, and royalties on net sales. This collaboration expands Boehringer’s ADC pipeline and reinforces Synaffix’s position as a leader in ADC technology licensing.

Key Deal Terms Summary

Royalty Pharma – Acquisition of Royalty Interest in Amgen’s Imdelltra(Announced August 25, 2025)

1. Agreement Overview

• Buyer: Royalty Pharma plc
• Seller: BeOne Medicines
• Asset Acquired: Royalty interest in Imdelltra, a DLL3-targeting bispecific T-cell engager (BiTE) developed and marketed by Amgen
• Indication: Extensive-stage small cell lung cancer (ES-SCLC)
• Regulatory Status: FDA accelerated approval granted in May 2024
• Commercial Status: Approved and marketed in the U.S.; Phase 3 trials underway for front-line use
• Royalty Duration: Expected to continue through 2038–2041
• China Rights: Retained by BeOne Medicines

2. Financial Terms

• Upfront Payment: USD 885 million paid by Royalty Pharma
• Royalty Interest: Approximately 7% royalty on worldwide net sales of Imdelltra
• Milestone Sharing: BeOne shares in royalties only above USD 1.5 billion in annual net sales

• Additional Option:

• BeOne retains a USD 65 million option to sell an additional royalty tranche within 12 months

• Total Consideration: Up to USD 950 million

3. Strategic Impact

• For Royalty Pharma:

• Enhances exposure to a high-growth oncology asset

• Adds a first-in-class immunotherapy for ES-SCLC to its royalty portfolio
• Supports portfolio diversification and long-term growth strategy

• For BeOne Medicines:

• Unlocks substantial upfront value

• Strengthens balance sheet and strategic flexibility
• Retains rights in China and further royalty upside above the sales threshold

4. Product Highlights – Imdelltra

• Mechanism of Action: DLL3-targeting bispecific T-cell engager (BiTE)
• Patient Population: \~360,000 ES-SCLC cases globally per year
• Prognosis: Poor, with \~12-month median survival and 7% five-year survival rate

• Sales Performance:

• USD 215 million in first-half 2025

• Projected to exceed USD 2.8 billion by 2035 (analyst consensus)

5. Advisors

• Royalty Pharma Legal Counsel: Gibson Dunn & Crutcher LLP, Dechert LLP, and Maiwald
• No advisors disclosed for BeOne Medicines

Overall Summary

Royalty Pharma’s acquisition of a royalty interest in Imdelltra from BeOne Medicines for up to USD 950 million secures long-term participation in a potentially blockbuster immunotherapy asset for ES-SCLC. With an established commercial launch, ongoing Phase 3 studies, and projections exceeding USD 2.8 billion in sales, this transaction significantly enhances Royalty Pharma’s oncology exposure while enabling BeOne to reinvest in its broader mission.

Key Deal Terms Summary

1. Agreement Overview

• Parties: Ono Pharmaceutical Co., Ltd. (Osaka, Japan) and Ionis Pharmaceuticals, Inc. (Carlsbad, CA, USA)
• Scope:
• Exclusive worldwide license for sapablursen, an investigational RNA-targeted therapy for polycythemia vera (PV)
• Ono obtains global development and commercialization rights
• Ionis to complete the ongoing Phase 2 IMPRSSION study before transferring further development to Ono

2. Financial Terms

• Upfront Payment: $280 million to Ionis
• Milestone Payments: Up to $660 million upon development, regulatory, and sales achievements
• Royalties: Mid-teens percentage on annual net sales of sapablursen
• Regulatory Clearance: Transaction subject to Hart-Scott-Rodino (HSR) Act approval

3. Development & Commercialization Plans

• Ongoing Development:
• Ionis remains responsible for the completion of Phase 2 IMPRSSION study
• Ono to assume responsibility for further development, regulatory filings, and commercialization
• Regulatory Status:
• Fast Track designation (January 2024)
• Orphan drug designation (August 2024) by the U.S. FDA

4. Strategic Impact

• For Ono Pharmaceutical:
• Strengthens its hematology pipeline with an innovative RNA-targeted therapy
• Expands global presence in rare blood disorders
• Potential for long-term revenue growth from milestone payments and royalties
• For Ionis Pharmaceuticals:
• Secures a significant upfront payment and future milestones
• Leverages Ono’s commercialization expertise to maximize sapablursen’s reach
• Focuses resources on core therapeutic areas, including neurology and cardiology
• For the Industry:
• Potential breakthrough in PV treatment targeting iron homeostasis regulation
• Addresses an unmet need for patients with severe iron deficiency and high thrombotic risk

Overall Summary

Ono Pharmaceutical has secured exclusive global development and commercialization rights for sapablursen from Ionis Pharmaceuticals in a deal valued at up to $940 million, including a $280 million upfront payment and milestone-based payouts. Ionis will complete the ongoing Phase 2 IMPRSSION study, after which Ono will lead further development and commercialization. Sapablursen, which has Fast Track and orphan drug designation from the U.S. FDA, represents a promising new approach for polycythemia vera (PV) by modulating iron homeostasis through RNA-targeted therapy. This agreement strengthens Ono’s hematology pipeline while allowing Ionis to focus on core areas such as neurology and cardiology.

Key Deal Terms Summary

1. Agreement Overview

• Camurus and Eli Lilly have entered a collaboration and license agreement.
• Lilly receives exclusive, worldwide rights to research, develop, manufacture, and commercialize long-acting incretin therapies for cardiometabolic diseases using Camurus’ FluidCrystal® technology.
• The deal covers up to four Lilly proprietary drug compounds, with an option to include amylin receptor agonists.
• Target indications include obesity, diabetes, and other serious chronic diseases.

2. Financial Terms

• Upfront, development, and regulatory milestones: Up to USD 290 million
• Sales-based milestone payments: Up to USD 580 million
• Total potential deal value: Up to USD 870 million
• Royalties: Tiered mid-single-digit royalties on global net sales

3. Development & Commercialization Plans

• Lilly will lead all aspects of development and global commercialization of the selected compounds formulated with FluidCrystal®.
• Camurus retains commercial focus on its CNS and rare disease pipeline.

4. Strategic Impact

• Expands Lilly’s portfolio of long-acting incretin-based therapies for metabolic health.
• Leverages Camurus' proprietary FluidCrystal® delivery system to enhance formulation profiles.
• Provides Camurus with significant non-dilutive capital to reinvest in its core R\&D programs while expanding its platform’s global reach.
• Strengthens the partnership between a leading global metabolic disease company (Lilly) and a delivery technology innovator (Camurus).

Overall Summary

Camurus has partnered with Eli Lilly to develop long-acting incretin-based therapies for cardiometabolic diseases using its FluidCrystal® technology. The deal includes up to four proprietary Lilly compounds and offers Camurus up to USD 870 million in milestones, plus tiered mid-single-digit royalties. Lilly will lead development and commercialization, aiming to deliver enhanced treatment options in metabolic health.

Key Deal Terms Summary

1. Agreement Overview

• Parties: The Company (unnamed in excerpt; referred to as “the Group”) and Excalipoint
• Date: August 1, 2025
• Structure: Exclusive license and IP assignment involving two pre-clinical T-cell engager assets (CTM012 and CTM013) based on the Group’s proprietary TOPAbody platform
• Territory: Worldwide rights
• Asset Stage: Pre-clinical (CTM012 has received IND clearance)

2. Financial Terms

• Upfront Payment:

• USD 10 million in cash (paid in two tranches within 14 days of first and second closings)

• 10% equity in Excalipoint Cayman issued to Innocube (a wholly owned subsidiary of the Company)

• Development Milestones:

• Up to USD 117 million based on achievement of specified development events

• Commercial Milestones:

• Up to USD 730.5 million based on net sales thresholds for CTM012 and CTM013

• Total Potential Consideration:

• USD 857.5 million in development and commercial milestones

• Plus USD 10 million cash and equity stake (10% post-Series A)

• Royalties:

• Tiered, ranging from low single-digit to mid single-digit percentage of annual net sales

• Payable on a licensed product-by-licensed product basis

• Royalty Term: Per product and jurisdiction, until the later of:

  • 10 years from first commercial sale
  • Expiration of regulatory exclusivity
  • Expiration of last-to-expire patent

3. Equity Participation

• Excalipoint Series A round raised USD 41 million, co-led by:

• HongShan (Sequoia China)

• YuanBio Venture Capital
• Apricot Capital

• Other investors include:

• 5Y Capital, Co-Win Ventures, Med-Fine Capital, and Hony Capital

• Post-financing cap table: Innocube (10%), Series A Investors (57.75%), Founders and others hold remaining shares
• Innocube receives board seat on Excalipoint Cayman

4. Exclusivity and Scope

• Exclusive rights granted over the transferred IP for the Target Products
• Non-exclusive rights granted over certain additional licensed IPs
• Excludes: ADCs and any derivatives of the transferred assets

5. Development and Commercial Participation

• Joint Steering Committee: Formed to oversee development and commercialization, with participation from both parties
• Technology Support: The Company will provide support on transferred IPs and may supply clinical material at cost (subject to future agreement)
• Board Seat: Appointed by the Company (via Innocube) at Excalipoint Cayman

6. Strategic Impact

• Allows the Company to:

• Monetize early-stage preclinical assets immediately

• Retain upside via equity and royalties
• Shift focus toward late-stage asset commercialization and next-gen ADCs/IO bispecifics
• Viewed as validation of the Group’s platform by experienced VC investors
• Positions Excalipoint as lead developer of CTM012/013 globally

Overall Summary

The Company has licensed out two pre-clinical T-cell engager assets (CTM012 and CTM013) to Excalipoint in a transaction that includes USD 10 million upfront cash, 10% equity in Excalipoint Cayman, and up to USD 847.5 million in milestones, along with tiered royalties on product sales. Excalipoint also completed a USD 41 million Series A round co-led by top-tier biotech investors. The Company gains immediate liquidity while maintaining strategic upside and governance rights, enabling it to refocus on later-stage pipeline development and commercialization.

Key Deal Terms Summary

1. Agreement Overview

• Parties: Gate Bioscience and Eli Lilly and Company
• Structure: Collaboration and license agreement
• Focus: Discovery, development, and commercialization of Molecular Gate therapeutics — a new class of small molecule drugs designed to eliminate disease-causing proteins at their source
• Mechanism: Gate’s Molecular Gate drug discovery engine blocks secreted or membrane proteins from being exported from the cell, triggering degradation

2. Financial Terms

• Upfront Payment & Equity Investment: Undisclosed amounts
• Total Potential Deal Value: Up to USD 856 million
• Milestone Payments: Contingent on development, regulatory, and commercial achievements
• Royalties: Tiered royalties on global net sales
• Additional Support: Potential access to Lilly ExploR\&D resources under Catalyze360 for Gate’s internal pipeline

3. Development & Commercialization Plans

• Gate Responsibilities:

• Leverage its Molecular Gate discovery platform to identify new drug candidates

• Lilly Responsibilities:

• Contribute small molecule therapeutic development expertise

• Potentially support Gate’s internal research programs via Lilly ExploR\&D
• Goal: Bring forward first-in-class molecular gate drugs with new mechanisms of action to treat diseases with high unmet medical need

4. Strategic Impact

• For Gate Bioscience:

• Gains non-dilutive funding and strategic validation of its platform

• Access to Lilly’s clinical, regulatory, and commercial infrastructure

• For Lilly:

• Gains exclusive access to a novel modality with potential applications in areas of difficult-to-drug protein targets

• For Patients:

• Potential access to a new therapeutic approach offering convenient oral administration and protein-level disease resolution

Overall Summary

Gate Bioscience entered a collaboration and license agreement with Eli Lilly and Company to co-develop and commercialize Molecular Gate small molecule therapeutics. The deal includes an upfront payment, equity investment, and eligibility for up to USD 856 million in milestones, plus tiered royalties on global net sales. Gate will lead early discovery, with Lilly supporting development and leveraging its ExploR\&D infrastructure. The partnership aims to pioneer a new modality for diseases caused by secreted or membrane proteins.

Parties Involved

• Climb Bio, Inc. (Nasdaq: CLYM) – A clinical-stage biotechnology company focused on developing therapeutics for immune-mediated diseases.
• Beijing Mabworks Biotech Co., Ltd. (NEEQ Code: 874070, Mabworks) – A biotechnology company specializing in antibody discovery and development.

Collaboration Scope

• Licensed Asset: MIL116 (renamed CLYM116) – A Fc-engineered anti-APRIL monoclonal antibody designed to treat IgA nephropathy (IgAN) and other B-cell-mediated diseases.
• Mechanism of Action: CLYM116 prevents APRIL signaling, blocks APRIL receptor binding, and promotes lysosomal degradation of APRIL to achieve deep and durable inhibition of APRIL signaling and IgA depletion.
• Development Stage: Currently in IND-enabling studies, with preclinical data expected later in 2025.
• Rights & Responsibilities:
• Climb Bio receives exclusive rights to develop and commercialize CLYM116 outside Greater China.
• Mabworks retains rights in Greater China.

Licensing Agreement & Financial Terms

• Upfront Payment: Climb Bio will pay $9 million to Mabworks.
• Milestone Payments: Additional payments will be made upon the achievement of development, regulatory, and commercial milestones.
• Royalties: Mabworks is eligible to receive low- to mid-single digit tiered royalties on net sales outside Greater China.

Overall Summary

Climb Bio has licensed exclusive rights from Mabworks to develop and commercialize CLYM116 (anti-APRIL monoclonal antibody) for IgA nephropathy and other B-cell-mediated diseases outside of Greater China. Climb Bio will pay $9 million upfront, along with additional milestone-based payments and tiered royalties on net sales. The preclinical data is expected in 2025, and CLYM116 has the potential to be a best-in-class treatment for IgA nephropathy.

Key Deal Terms Summary

1. Agreement Overview

• Parties: KYORIN Pharmaceutical Co., Ltd. and Novartis Pharma AG
• Transaction Type: Global License Agreement
• Asset: KRP-M223, an MRGPRX2 antagonist for allergic and inflammatory diseases such as chronic spontaneous urticaria (CSU)
• Development Stage: Preclinical
• Global Rights:
• Novartis receives exclusive worldwide rights to develop, manufacture, and commercialize KRP-M223
• KYORIN retains an option to commercialize and manufacture for the Japan market
• Novartis holds an option to co-promote in Japan

2. Financial Terms

• Upfront Payment: $55 million
• Milestone Payments: Up to $777.5 million (linked to development, regulatory approvals, and commercialization)
• Royalties: Tiered royalties on net sales

3. Development & Commercialization Plans

• Novartis takes full responsibility for global clinical development and commercialization
• KYORIN retains rights for Japan with manufacturing and commercialization options
• Potential co-promotion by Novartis in Japan, subject to future agreements

4. Strategic Impact

• Advancing First-in-Class MRGPRX2 Antagonist:
• KRP-M223 is a potential breakthrough therapy for chronic spontaneous urticaria (CSU)
• Addresses unmet medical need for patients suffering from severe allergic and inflammatory conditions
• Strengthens Novartis’ Immunology Portfolio:
• Adds a novel mechanism of action targeting mast cell activation via MRGPRX2
• Expands pipeline for inflammatory and allergic diseases
• Global Market Opportunity:
• 40 million people worldwide suffer from chronic spontaneous urticaria (CSU)
• CSU is associated with significant psychological and productivity burdens, increasing the demand for effective treatments
• KYORIN’s Long-Term Strategy ("Vision 110"):
• Reinforces KYORIN’s commitment to developing high-value innovative drugs
• Aligns with its strategy to partner with global leaders for expanded commercialization

Overall Summary

KYORIN and Novartis have entered into a global license agreement for KRP-M223, a preclinical MRGPRX2 antagonist targeting chronic spontaneous urticaria (CSU) and other allergic/inflammatory diseases. Novartis gains exclusive global rights, while KYORIN retains an option to commercialize and manufacture for Japan, with Novartis having the right to co-promote in Japan. KYORIN will receive $55M upfront, up to $777.5M in milestone payments, and tiered royalties on net sales. The deal strengthens Novartis’ immunology portfolio and supports KYORIN’s global expansion strategy, positioning KRP-M223 as a potential first-in-class therapy for millions of CSU patients worldwide.

Key Deal Terms Summary

1. Agreement Overview

• Parties: JCR Pharmaceuticals and Alexion, AstraZeneca Rare Disease
• Type: Exclusive license agreement
• Scope: Grants Alexion rights to use JUST-AAV, JCR’s proprietary AAV capsid platform, in up to five genomic medicine programs
• Purpose: Support the development of genomic medicines targeting tissues such as muscle, brain, and others, while reducing off-target effects

2. Financial Terms

• Upfront Payment: Undisclosed upfront payment to JCR

• Milestone Payments:

• Up to USD 225 million for R\&D-related milestones

• Up to USD 600 million for sales-related milestones
• Total potential milestone payments: Up to USD 825 million (approx. JPY 120 billion) if all five targets are exercised
• Royalties: JCR is eligible for tiered royalties on net sales of any commercialized products using JUST-AAV

3. Development & Commercialization Plans

• Alexion will use the licensed capsids in up to five genomic medicine programs, leveraging JUST-AAV’s targeting precision and tissue selectivity
• Capsids include liver-sparing, muscle-targeting, and brain-targeting variants
• Builds on prior collaborations between JCR and Alexion in neurodegeneration and oligonucleotide discovery

4. Strategic Impact

• Solidifies the third major collaboration between JCR and Alexion
• Advances JCR’s JUST-AAV platform into clinical-stage applications with a global partner
• Enhances Alexion’s gene therapy portfolio with next-generation AAV technologies
• Reinforces JCR’s long-term global expansion strategy and technological leadership in rare disease gene therapy

Overall Summary

JCR Pharmaceuticals has signed an exclusive license agreement with Alexion for its JUST-AAV capsid platform to be used in up to five of Alexion’s genomic medicine programs. The deal includes an undisclosed upfront payment, with up to USD 825 million in potential development and sales milestones, and tiered royalties on net sales. This marks the third strategic partnership between the two companies and underscores the value of JCR’s targeted AAV delivery platform in advancing genomic therapies for rare diseases.

Key Deal Terms Summary

1. Agreement Overview

• Teleflex Incorporated (NYSE:TFX) has entered into a definitive agreement to acquire BIOTRONIK SE & Co. KG’s Vascular Intervention business.
• The acquisition is valued at approximately €760 million ($823 million USD equivalent), subject to certain working capital adjustments and other customary conditions.
• The deal is expected to close by the end of Q3 2025, pending regulatory approvals.

2. Financial Terms

• Upfront Payment: €760 million in cash at closing, subject to adjustments.
• Projected Revenue Contribution:
• €91 million in revenue expected in Q4 2025.
• Anticipated 6%+ constant currency revenue growth per year starting 2026.
• Expected Financial Impact:
• The deal is projected to be $0.10 accretive to adjusted EPS in the first year post-closing, with increasing accretion over time.
• Financed via a new term loan, revolving borrowings under Teleflex’s senior credit facility, and cash on hand.
• Foreign exchange derivative contracts have been executed to hedge currency exposure related to the acquisition.

3. Development & Commercialization Plans

• Expanded Product Portfolio:
• The acquisition adds a full suite of coronary and peripheral vascular intervention devices, including:
  • Drug-coated balloons (e.g., Pantera™ Lux™)
  • Drug-eluting stents (e.g., Orsiro™ Mission)
  • Covered stents (e.g., PK Papyrus™)
  • Bare metal stents & balloon catheters
• Approximately 75% of acquired revenue is from coronary interventions, with 25% from peripheral interventions.
• Pipeline & Innovation:
• Teleflex will continue development and potential U.S. regulatory approval of Freesolve™, a sirolimus-eluting Resorbable Metallic Scaffold (RMS).
• The acquired business enhances Teleflex’s ability to develop next-generation resorbable scaffold technologies.

4. Strategic Impact

• Strengthens Teleflex’s Global Cath Lab Presence:
• Enhances Teleflex’s complex percutaneous coronary intervention (PCI) platform.
• Expands market position in peripheral interventions, a fast-growing global segment.
• Diversifies Revenue Geographically:
• 50% of acquired revenues are from Europe, the Middle East, and Africa (EMEA).
• Bolsters Clinical & Commercial Infrastructure:
• Enhances Teleflex’s salesforce capabilities by integrating BIOTRONIK’s portfolio into existing access product sales channels.
• Expands peer-to-peer education and clinical platforms within Teleflex’s Interventional business.

Overall Summary

Teleflex is acquiring BIOTRONIK’s Vascular Intervention business for €760 million to expand its global interventional cardiology and peripheral vascular portfolio. The deal broadens Teleflex’s footprint in the cath lab, adding a differentiated suite of coronary and peripheral vascular intervention devices, including drug-coated balloons, drug-eluting stents, covered stents, and self-expanding stents. The transaction is expected to be EPS accretive by $0.10 in year one, with 6%+ annual revenue growth beginning in 2026. The acquisition strengthens Teleflex’s geographic reach (50% of revenue from EMEA) and positions the company to advance resorbable scaffold technologies for future regulatory approvals.

**Key Deal Terms

1. Agreement Overview

• BridGene Biosciences and Takeda have entered into a strategic collaboration and licensing agreement to discover novel small molecule drugs for immunology and neurology.
• The collaboration leverages BridGene’s IMTAC™ chemoproteomics platform to identify drug candidates for traditionally undruggable targets.
• The companies will collaborate on multiple targets, advancing projects from hit finding to early lead development.
• Takeda will hold exclusive rights to develop and commercialize any successful drug candidates resulting from the collaboration.

2. Financial Terms

• Upfront & Preclinical Payments: BridGene will receive $46 million in upfront and preclinical milestone payments.
• Milestone Payments: BridGene is eligible to receive up to $770 million in clinical and commercial milestone payments.
• Royalties: BridGene will receive tiered royalties on net sales of any commercialized products.

3. Development & Commercialization Plans

• BridGene will utilize its IMTAC™ chemoproteomics platform to screen small molecules against proteins in live cells, identifying first-in-class drug candidates.
• Takeda will lead clinical development and commercialization, benefiting from BridGene’s drug discovery expertise and Takeda’s global reach.
• The partnership expands Takeda’s small molecule drug discovery portfolio, with a focus on high-value immunology and neurology targets.

4. Strategic Impact

• Expands Takeda’s footprint in small molecule drug discovery, complementing its existing neurology and immunology pipeline.
• Strengthens BridGene’s position as a leader in chemoproteomics-based drug discovery.
• Unlocks traditionally undruggable targets, addressing high unmet medical needs in immunology and neurology.
• Potential to accelerate first-in-class therapies through novel drug discovery approaches.

Overall Summary

BridGene Biosciences and Takeda have formed a strategic collaboration to discover novel small molecule drugs targeting undruggable immunology and neurology proteins. The partnership leverages BridGene’s IMTAC™ chemoproteomics platform to identify drug candidates, with Takeda gaining exclusive development and commercialization rights. BridGene will receive $46 million upfront, with potential milestone payments totaling $770 million and tiered royalties on future sales. This collaboration aligns with Takeda’s strategy to expand its small molecule portfolio and BridGene’s mission to pioneer first-in-class therapies.

Key Deal Terms Summary

1. Agreement Overview

• Deep Apple Therapeutics and Novo Nordisk have entered a research collaboration and exclusive worldwide license agreement.
• The partnership focuses on discovering and developing first-in-class oral small molecule therapeutics targeting a novel non-incretin GPCR for cardiometabolic diseases, including obesity.
• Deep Apple will lead compound discovery and optimization using its AI-powered platform and cryo-EM-enabled structure-based drug design.
• Novo Nordisk will receive exclusive global rights to further develop, manufacture, and commercialize all resulting compounds.

2. Financial Terms

• Deep Apple will receive:

• An upfront payment (undisclosed amount)

• Research cost reimbursement
• Development, regulatory, and commercial milestone payments
• Total potential deal value: up to USD 812 million
• Deep Apple is also eligible to receive tiered royalties on net product sales resulting from the collaboration.

3. Development & Commercialization Plans

• Deep Apple’s role:

• Apply its Orchard.ai™ platform combining deep learning, cryo-EM, and multi-billion compound docking for novel lead identification.

• Execute research until IND-enabling stage handoff to Novo Nordisk.

• Novo Nordisk’s role:

• Lead IND-enabling studies, clinical development, regulatory submission, and global commercialization.

• Focus on a non-incretin GPCR target suited to Deep Apple’s strength in conformational analysis of GPCRs.

4. Strategic Impact

• Deep Apple gains:

• Validation of its machine-learning-driven discovery engine

• Significant financial backing for its AI-first drug discovery platform

• Novo Nordisk enhances:

• Its oral therapeutics pipeline in cardiometabolic diseases

• Ability to diversify beyond incretin-based therapies with access to a novel target
• The collaboration reflects both companies’ shared aim to advance differentiated oral therapies that address individualized patient needs in obesity and related disorders.

Overall Summary

Deep Apple Therapeutics and Novo Nordisk have formed a global licensing and research collaboration to develop oral small molecule therapies targeting a novel non-incretin GPCR for cardiometabolic diseases. Deep Apple will lead discovery efforts using its AI-powered and cryo-EM-enabled platform, while Novo Nordisk will take over development and commercialization. Deep Apple may receive up to USD 812 million in upfront, research, and milestone payments, plus royalties, in a deal that combines technological innovation with a strategic push to diversify the cardiometabolic treatment landscape.

Key Deal Terms Summary: REGENXBIO and Nippon Shinyaku Partnership for RGX-121 and RGX-111

1. Scope of Collaboration

• Development and commercialization of gene therapies RGX-121 (MPS II) and RGX-111 (MPS I) in the U.S. and Asia (Licensed Territory).
• REGENXBIO leads manufacturing and clinical development for both products.
• Nippon Shinyaku leads commercialization in the Licensed Territory.
• REGENXBIO retains rights outside of the Licensed Territory and to any proceeds from a Priority Review Voucher (PRV) for RGX-121.

2. Financial Terms

• $110 million upfront payment to REGENXBIO.
• Up to $700 million in potential milestone payments:
• $40 million in development and regulatory milestones.
• $660 million in sales-based milestones.
• Meaningful double-digit royalties on net sales in the Licensed Territory.

3. Strategic Impact